First home buyers increasingly bank on mum and dad, according to study

Instead of building up their own nest egg, Dutch parents are apparently increasingly expected to blow it on helping their offspring buy a home.

Price comparison website Independer claims that 65% of young people who want to buy their first house expect they will need financial support from their parents. But amongst those who bought in the past five years, only 36% needed extra cash from the bank of mum and dad.

The research, conducted with Q&A Insights & Consultancy, asked 399 people aged from 20 to 35 about their views on the housing situation in the Netherlands.

In the past, people could borrow more than the value of a new home to cover costs and renovations, but now they are limited to 100%.

‘Horrified’

Peter Boelhouwer, a professor in housing systems at TU Delft told NOS broadcaster: ‘In the past, children had financial support from their parents but not at these levels. I am horrified at these percentages.’

According to the Dutch statistics office CBS, house prices this year have been rising at the fastest rate in 16 years and now match the peak of the market in 2008.

But, at the same time, the number of sales nationally is declining.


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