Getting a foot on the property ladder has never been easy—but for today’s first-time buyers, the challenge is steeper than ever. With higher mortgage rates, climbing rents, and tighter lending criteria, many young buyers are turning to family for financial support.
Recent figures from leading estate agency Savills show that more than half (52%) of all first-time buyers in 2023 received help from family—either as gifts or loans. This assistance averaged £55,572, making the so-called “Bank of Mum and Dad” one of the UK’s largest sources of mortgage funding.
At Cardwells Estate Agents, we’ve seen this trend echoed across Bolton, Bury, and the surrounding areas. Many families are stepping in to help children secure their first homes, often pooling resources or unlocking equity in their own homes to provide that vital boost.
“As parents, all we ever want is the best for our children—and sometimes that means helping out if we ever can,” say the Managing Directors of Cardwells Estate Agents. “We speak to families every day who are making incredible sacrifices to give their children a better future in their own home. It’s inspiring, and it’s becoming a critical part of today’s housing journey.”
Why is help more necessary now?
2023 brought rising mortgage costs, with average two- and five-year fixed rates sitting between 5% and 6%, according to Moneyfacts. Without a significant deposit, many first-time buyers found themselves either locked out of the market or facing prohibitively high monthly repayments.
At the same time, private rental prices soared—rising by over 9% in some areas. This prompted many young adults to either stay at home longer or move back in with family, saving what they could towards a deposit.
Stamp duty changes also played a role. The threshold for first-time buyers dropped from £425,000 to £300,000 in April 2024. This triggered a flurry of buying activity in early 2024 as hopeful buyers rushed to beat the deadline.
Looking Ahead: What’s Next for First-Time Buyers?While current economic conditions remain challenging, there are glimmers of hope on the horizon. Analysts suggest lending criteria may soon relax, potentially allowing more buyers to qualify for higher mortgages.
If you’re a parent considering helping your child buy a home—or you’re a first-time buyer seeking guidance—Cardwells Estate Agents is here to help. Our friendly, experienced teams in Bolton and Bury can advise you every step of the way, from financial planning to finding the perfect property.
Get in touch today for expert advice and honest, local insight into the property market.
Cardwells Estate Agents Bolton and Cardwells Estate Agents Bury are available if you would like an up to date property valuation. We can provide an accurate valuation of your property for free and that may be a great place to start the process of potentially selling your property in Bury or Bolton, just put a few details in this form and we will go from there: https://www.cardwells.co.uk/sell-with-cardwells/
If you are considering selling a house in Bury be it through auction or traditional methods, letting a property in Bury, or selling a commercial property in Bury for example, Cardwells Estate Agents Bury are your ideal starting point for all your residential and commercial property needs. Just call Cardwells Estate Agents Bury on 01617611215, email; [email protected] or visit www.Cardwells.co.uk or pop your details into this form and we will call you back https://www.cardwells.co.uk/sell-with-cardwells/
If you are thinking of selling a property in Bolton via auction or a more traditional method, letting a house in Bolton, selling commercial property in Bolton, letting a flat in Bolton, letting a shop on Bolton, selling a house in Bolton for example, then Cardwells Estate Agents Bolton are your perfect Estate Agents in Bolton. Cardwells Estate Agents Bolton 01204381281, email: [email protected] or visit us at www.Cardwells.co.uk or pop your details into this form and we will call you back https://www.cardwells.co.uk/sell-with-cardwells/
Cardwells can introduce you to independent financial advisors who can help you find the best possible mortgage product for your upcoming move or remortgage. Just fill in the form here https://www.cardwells.co.uk/mortgages-financial-services/ and we will pass your details onto them.
Cardwells are the market leading estate agents in Bolton and Bury and are here to work for you and get you the best possible price for your home. Cardwells Estate Agents are a long established company having been formed by Andrew’s Father, Richard in 1982.
Cardwells Estate Agents Bolton:
01204381281
[email protected]
www.Cardwells.co.uk
Cardwells Estate Agents Bury
01617611215
[email protected]
www.Cardwells.co.uk
