If aspiring to own your first home feels out of reach, you aren’t alone. With house prices rising, buyers in London are waiting an average of nine years to save the necessary deposit to buy their first home.¹ Whether you are keen to move out to explore a new city, embrace a new job or simply enjoy greater independence, family support can help make that first step feel possible
So how can you shorten that nine-year wait? For those hoping to choose London, family support can be the key to unlocking accessibility. From financial assistance to emotional and practical support along the way, NHG Homes explores why buying your first home doesn’t need to be a solo effort.
The Deposit Boost
For many first time buyers, saving for a deposit is the biggest challenge. While you balance rent, bills and everyday life, finding money to put away each month is not always easy.
Recent research from Barclays shows that 30% of first time buyers relied on financial support from family and friends to take their first steps on to the property ladder, with an average contribution of £76,239². However, with parents needing to balance their own cost of living, financial contributions on that scale aren’t available to everyone.
That’s where Shared Ownership can make a real difference. With lower deposits needed to get on to the property ladder, the scheme can make your savings targets much more achievable, whether saving independently or with familial support. At Royal Albert Wharf, for example, you can buy a 10% share of a one bedroom home with a deposit of just £3,500, while at The View at Aspect deposits start from £8,375 for a 25% share.
Like many Londoners, Austin, 26, had been looking to get on the property ladder, but found the challenge of saving the amount needed for a house deposit in the capital impossible. He was previously renting in Clapham before he decided to move back into his family home in Ealing to help reduce his monthly outgoings and save money.
“After speaking with my dad about The Perfume Factory and Shared Ownership as a way to buy, he agreed it was a wise investment decision and gifted me the amount needed for a deposit, allowing me to make that first step on to the property ladder. I wouldn’t have been able to do this without him.”
The Educational AdvisEr
Of course, the support available goes way beyond finance. For first time buyers navigating the complexities of the housing market, family knowledge can be just as useful. In fact, 34% of first time buyers rank their parents as their most reliable source of homebuying advice³.
Understanding the different options available to you can make the process seem much more straightforward. Whether it’s sharing information from personal experience or exploring routes like Shared Ownership together, having someone you trust can provide important insights and increased confidence.
Austin echoed this, noting, “When I was in Clapham, I was stuck in the trap of paying sky high rents every month and not being able to put any money aside to buy, so I decided to move back in with my dad to build up some savings. He’s where I get a lot of my advice from about buying in London and the financial decisions that go with this.”
The Emotional Anchor
Finding the right home for you is as much an emotional decision as a financial one. Buying somewhere that meets your lifestyle and delivers stability for the future can take time, and having someone alongside you throughout that journey can be an invaluable support.
From attending viewing days to collecting the keys to your new home, homebuying is a milestone that is worth sharing and celebrating.
At NHG Homes, we’re helping aspiring homebuyers choose London by unlocking accessibility in the capital through our vibrant Shared Ownership developments. Time and again, we see first-hand how Shared Ownership, combined with family support, is providing a realistic path to homeownership for many Londoners and creating stability for those who otherwise feel priced out of the capital.
Learn more about how Shared Ownership can help you or your family choose London at nhghomes.com
1 nationwide.co.uk/media/hpi/reports/improved-affordability-provides-boost-to-first-time-buyers
3 lloydsbank.com/mortgages/first-time-buyers/untangling-first-time-buyer-maze.html
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.