Principality Intermediaries respond to first time buyer research with family boosts

First-time buyers are increasingly reliant on family for support as they look to secure their first home, with 61% expecting financial support as, without it, their path to home ownership could take twice as long*.

As part of our commitment to helping make more possible, Principality, partnering with Verve, a global market research agency, followed a diverse group of first-time buyers at different stages of their journey and over a period of months, to better understand the challenges they face.   

Our first time buyer research highlights the critical role of family support in helping first-time buyers secure a foothold on the housing ladder in today’s challenging market.

We have supported over 8,000 first-time buyers purchase a home in 2023, and have seen a significant rise in the number of people taking advantage of family assist options. The number of first-time buyers using joint borrower sole proprietor products increased by 130% between 2022 and 2023. Alongside this, Principality has seen an 89% increase in first-time buyers relying on gifted deposits to secure their first home over the same period.

In response to this, Principality Intermediaries has enhanced its offering, introducing a range of family boost options for brokers and their clients as part of their commitment to helping first time buyers. 

A word from our National Account Manager, Helen Lewis

“Our research shows us that first-time buyers have a range of different needs. One of the key callouts was the need for family support, with around a third of first-time buyers that have applied in recent months, showing a reliance on gifted deposits. 

To showcase the support available for clients, we’ve updated our offering to highlight the range of options available to brokers who are working with those getting on the housing ladder for the first time.”

For information on how Principality Intermediaries can help support you get in touch with your local BDM or contact our broker support team on 0330 333 4021. 

*Moneybox - Voice of FTBs (September 2024)