First-time buyers are increasingly turning to family for support to secure their first home, research from Principality Building Society has revealed.
In collaboration with market research agency Verve, the society analysed a diverse group of first-time buyers across various stages of their homebuying journey over several months.
The number of first-time buyers opting for joint borrower sole proprietor (JBSP) products surged by 130% from 2022 to 2023.
Moreover, there was an 89% increase in buyers leveraging gifted deposits within the same timeframe, indicating a significant trend towards family-assisted home purchases.
In response, Principality Intermediaries has enhanced its product range, introducing a suite of family boost options aimed at brokers and their clients.
Helen Lewis, national intermediary manager at Principality Building Society, said: “Our research shows us that first-time buyers have a range of different needs.
“One of the key callouts was the need for family support, with around a third of first-time buyers that have applied in recent months, showing a reliance on gifted deposits.
“To showcase the support available for clients, we’ve updated our offering to highlight the range of options available to brokers who are working with those getting on the housing ladder for the first time”
