Changes in the last Budget that bought most pensions within the scope of inheritance tax, and the higher cost of investing in buy to let properties, means more wealthy people are choosing to help their children now by funding their first buy.
“In Notting Hill, the Winkworth office has seen an increase in first time buyers using gifts from their parents or wider family to buy a home.
Our London offices are seeing an increase in first time buyers who have been given help with the purchase of a home.
Nicky Upton, head of sales at Winkworth’s Tooting office says the BOMAD plays a major part for first time buyers in the area.
Dominic Agace told the latest episode of the Winkworth Property Exchange podcast: “ We are also seeing those buyers still busy saving for deposits and looking to purchase their properties, perhaps with friends or with partners or on their own.
