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This article was published on September 13th, 2023
In recent years, the UK property market has experienced significant changes, presenting some unique challenges for aspiring homeowners. The process of purchasing a property has evolved, with more and more people turning to family for help. In this article, we delve into the reasons behind these changes and explore how family members can play a pivotal role in helping you secure your first home.
One of the notable factors that the UK property market has seen this year is the shift in house prices. While there are predictions that house prices will fall by the end of the year, the current average house price stands at £288,000, a figure that is £5,000 higher than 12 months ago. This upward trajectory can seem daunting. However, it does present some new opportunities, as, despite uncertainties, the market has demonstrated resilience.
To help first-time buyers, the government has introduced schemes such as Right to Buy, Lifetime ISAs and 100% mortgages. For a more detailed look at some of these, take a look at our recent blog here. Furthermore, family support remains a steadfast source of assistance for aspiring homeowners, being a reliable and accessible avenue.
2023 has seen family support become a positive and integral part of first-time property purchases. In fact, this property paradigm has seen nearly half of purchases by individuals under the age of 55 made possible through family assistance, and this trend shows no signs of stopping. By 2025, family contributions to homeownership are expected to reach staggering heights of £10 billion!
The support of the family can be in the form of:
However, where family support comes in the form of a gift or a loan, an agreement must be formalised, clearly setting out the terms of the assistance. This legal step helps to safeguard you both throughout the process.
The new property paradigm of family assistance in property purchases has many benefits. These include:
While government schemes offer support, property purchases that are assisted by family are a prevalent part of securing a home today. As specialists in property law, Thorneycroft Solicitors is here to help you navigate the complex process of buying your home.
If you’re thinking of purchasing your home with the assistance of your family, it is vital to get legal advice from a qualified solicitor. Our specialist conveyancing lawyers understand the unique advantages and challenges that can arise when buying a home with family assistance and are happy to assist every step of the way. Whether we’re drawing up a legally binding agreement with your family members or carrying out searches on your new property, our primary goal is to safeguard your interests. We’ll also keep you up to date with changes in the property market, helping you stay well-informed throughout the process.
To learn more about our specialist conveyancing solicitors, the new property paradigm, and how we can help you secure the property of your dreams, contact us today. Call us at 0330 058 0118 or fill out our simple enquiry form, and we’ll be sure to be in touch.