i-paper, 30/11/2022 | Stacks Property Search and Acquisition

The Bank of Mum and Dad is now feeling the squeeze

Quoting James Greenwood of Stacks Property Finders

James Greenwood of Stacks Property Search notes that a quarter of the acquisitions on the company’s books that involve finance from parents have been put on hold.

“Our buyers in this sector have pressed the pause button until some clarity emerges from the widespread uncertainty that surrounds property prices, interest rates and asset values,” he said. He cited clients who have delayed helping their daughter buy a London flat as they hadn’t factored in the cost of monthly mortgage rates rising to as much as six per cent.

“Parents worry about how their invested funds are performing, whether the price of their own home is likely to fall, how the property market generally will perform in coming years and about their children’s ability to service a mortgage,” he added. “Buyers in this position should do plenty of number-crunching and be realistic about factoring in worst-case scenarios. We’re not surprised some want to see how things play out for the next few months, with a view to reassessing in January.”

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