Debt reduction 'could be key' to restoring property market
More savings and less debt could be crucial for helping the property market back on its feet, it has been suggested.
Graeme Moran, managing director at Metropolitan Home Ownership (MHO), believes this could be one of the reasons behind more first-time buyers returning to the family home.
"Spending a year to repair any incomplete credit history and then after that hopefully having sufficient savings to go out onto the housing market," he noted.
People are in search of affordable rented schemes, Mr Moran claimed, with 45,000 enquiries being taken by the MHO since April.
Saga reported on August 26th that 31 per cent of parents aged over 50 have seen their adult children return to the family home and 78 per cent of these parents enjoy having their children move back in with them.
However, of those questioned, 27 per cent of parents asked for a financial contribution towards the increased household bills.
Nearly one-fifth of respondents have moved back in with their parents for more than a year, with Londoners found to be the most keen to stay at home.
