If you spent your Boxing Day finishing off the turkey sandwiches and browsing dream homes on your phone, you certainly weren’t alone. The property market has just woken up to its busiest start in history.
Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
Thinking of waiting out the mortgage market? It might cost you more than you think. Following the Bank of England’s decision to hold the base rate steady, thousands of UK homebuyers and homeowners have hit the pause button, holding out hope for a dramatic rate drop. But waiting for the 'perfect rate' is a psychological trap.
