As you know, there are many reasons people in the UK decide to downsize their family home to something a little more affordable or accessible.
Well, as Kelly’s have heard during conversations with our customers, many people are downsizing to help their own children get on the property ladder.
With increasing property prices and cost of living, it is becoming harder and harder for millennials to get themselves onto the property ladder.
A trend has started where parents of millennials are downsizing their homes to give that extra cash to their children to help towards a deposit for their first home.
“New analysis by estate agents Savills suggests that intergenerational loans to provide deposits for property purchase have soared from about £8bn five years ago to more than £18bn now.”
So, if you do not want to just give your children the money, you could lend It to them! Then set terms that they must keep to.
There are a number of ways to go about helping your children get on the property ladder, so continue to look into the options if it is something you are seriously considering.
I’m sure your children will be grateful!
Kelly’s Storage – Here Because We Care