Six in 10 first-time buyers plan to sell valuables to boost deposit
More than 60% of aspiring homeowners plan to sell their most valuable items so they can scrape together the funds for a deposit, according to research by Nottingham Building Society.
The mutual found that even more – eight out of 10 – budding first-time buyers expect funding from their parents and nearly half (49%) are relying on grandparents.
Nearly all (95%) will use their cash savings, and 60% will use stock market investments.
But there is one trick they coud be missing when it comes to boosting their deposit.
The Nottingham’s research reveals that many first-time buyers could be far more savvy when saving for their first homes as they’re missing out on hefty bonuses that are available via government-backed accounts such as the Help to Buy ISA and Lifetime ISA.
Four in 10 said they have no intention of using a Lifetime ISA that can offer bonuses of up to £1,000 a year, and just two in 10 plan to take advantage of the Help to Buy ISA.
Tina Hayton-Banks, director of member services for The Nottingham, said: “We know saving for a deposit is no mean feat for first-time buyers and our research echoes what we hear all the time across our branch network, people are exploring every available route to get on the ladder.
“It’s a shame there’s still a relatively low awareness of products that can help them get there faster, such as the Lifetime ISA, but it’s an account we’re proud to be offering to support first-time buyers and expect to see its popularity grow.”