As agents return to work after the Christmas break, here’s an insight into possible new instructions.
A quarter of owners apparently think about upsizing after Christmas festivities according to research by finance firm First Mortgage.
This is because (at least at normal Christmas times) many families have visitors to stay or at least for hospitality, so appreciate the limitations of their current properties in terms of accommodating guests.
This particularly drives older children still with parents. The First Mortgage survey finds that some 65 per cent of first-time buyers asked parents for money instead of gifts this year.
The average first-time buyer is willing to ask their family for £2,900 towards their first home, although the average deposit is currently sitting at £12,600 for a 95 per cent mortgage.
David McGrail, compliance director at First Mortgage says the idea of gifting money instead of presents to those either young or saving for a first home is sensible.
He states: “Christmas is a time of giving and showing our families love. If I were an aspiring first-time buyer in today’s market, I would much rather be given the equivalent of what is spent on presents as cash to save. For a first-time buyer, any extra cash they can save and put towards a deposit can really help them when it comes to getting their first property.
“Having a slightly larger deposit can often mean interest rates and the amount of time you are borrowing for are lower and shorter, saving them money.
“More generally the idea of investing or saving money for a young child instead of gifting presents, such as toys or clothing that will be grown out of quickly, is a great idea. Saving into a dedicated account is a good idea and will give them a head start when they start to look to buy.”