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Peer2Peer Finance News | August 21, 2019

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First-time homebuyers ready to sell jewellery to fund deposits

First-time homebuyers ready to sell jewellery to fund deposits
Tim Evershed

NEARLY two thirds of first-time homebuyers would sell valuable items such as jewellery in order to raise a deposit, according to new research.

A survey commissioned by The Nottingham Building Society found that 63 per cent of people looking to buy their first home would choose this fundraising method, with 14 per cent expecting to raise over half the funds they need this way.

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The’ Bank of Mum and Dad’ remains the most popular way of getting on to the property ladder, with 81 per cent expecting funds from their parents.

50 per cent of first-time buyers would borrow money from friends, while 48 per cent plan to get loans from family members other than their parents or grandparents.

95 per cent of respondents said they would use their cash savings, and 60 per cent see stock market investments as a way of funding their property purchase.

Read more: Property market and SMEs at risk amid new Brexit chaos

653 first-time buyers were polled last month for the research.

“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,” said Tina Hayton-Banks, director of member services for The Nottingham Building Society.

Read more: Do you have to buy to invest in property?