The dream of owning a home is a goal that many of us aspire to achieve. And for those who have already taken the first step on the property ladder, the next step may seem daunting. But a new study has shown that ‘second-steppers’, who have already owned a property, have received an average of £81,000 towards purchasing their next home. This is great news for those looking to take the next step in their homeownership journey.
The study, conducted by leading mortgage lender Halifax, revealed that ‘second-steppers’ received an average of £81,000 from family and friends to help with the purchase of their next property. This is a significant amount that can make a big difference when it comes to buying a home. It goes to show that with a little bit of help, achieving the dream of owning a home is more attainable than ever before.
With rising house prices, it’s no wonder that many ‘second-steppers’ are struggling to make the leap to their next property. But the generous support from family and friends has made a huge difference in helping these individuals to achieve their homeownership goals. The average amount received may vary across different regions of the UK, but the fact remains that this financial assistance is making a positive impact on the property market.
The study also revealed that the most common form of financial help for ‘second-steppers’ was through gifted deposits. This means that family and friends are providing a lump sum towards the deposit amount, making it easier for ‘second-steppers’ to secure a mortgage for their next property. This not only reduces the financial burden but also helps to speed up the purchasing process.
Not only does this financial assistance make a difference for ‘second-steppers’, but it also has a wider impact on the property market. The influx of cash from family and friends into the property market means that demand for homes remains high, which in turn, helps to keep house prices stable. This is not only beneficial for ‘second-steppers’ but also for first-time buyers and the overall economy.
The study also found that the average deposit for ‘second-steppers’ was £58,400, which is less than the average deposit for first-time buyers. This is another positive aspect of the study, as it shows that ‘second-steppers’ are able to save more for their next property, thanks to the financial help they receive. This also means that they are likely to have a smaller mortgage and lower monthly repayments, making it more manageable for them in the long run.
So, who are these generous family and friends who are helping ‘second-steppers’ to achieve their homeownership goals? The study found that it is mostly parents who are providing the financial assistance, with 56% of ‘second-steppers’ receiving help from their parents. This is a testament to the strong support system that families provide, and it’s heartwarming to see them play a crucial role in helping their loved ones achieve their dreams.
But it’s not just financial help that is making a difference for ‘second-steppers’. The study also found that 31% of those who received help from family and friends were also given practical support, such as help with childcare or DIY tasks. This not only reduces the financial burden but also helps to ease the stress and pressure that comes with purchasing a new home.
The generous support from family and friends towards ‘second-steppers’ further highlights the importance of having a strong support system. Not only does it make a difference in terms of finances, but it also provides emotional support, making the journey towards homeownership less daunting and more enjoyable.
In conclusion, the study by Halifax has shed light on the financial help that ‘second-steppers’ are receiving from family and friends. This financial assistance is making a positive impact on the property market and is helping ‘second-steppers’ to achieve their dreams of owning a new home. It also highlights the importance of having a strong support system when it comes to achieving our goals. With this kind of support, the dream of owning a home is more attainable than ever before, and it’s heartening to see families and friends playing a crucial role in making it happen.