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  1. ITV Report

Britons 'overstretching' to help children get on property ladder

First-time buyer average age now stands around 30 years old. Credit: PA

More than one in four Britons aged 55 and over financially support their child or other dependents to get on the property ladder, a survey has found.

Some 27% of over-55s said they have helped someone buy their own property, according to credit checking company Experian.

But 15% of these helped despite saying they are "not at all" financially comfortable themselves.

While 60% of home-owning over-55s paid £20,000 or less towards their first property, the average UK house price is now around 10 times this, at around £200,000.

A deposit of £1,000 or less was needed by 41% of over-55s to buy for the first time.

Nearly half of home-owning over-55s were able to buy their own home between the ages of 20 and 25.

First-time buyer average age now stands around 30 years old.

As parents, we all want the best for our children.

However, it appears that some older people could be over-stretching themselves to help others buy their own home.

Money can be a significant cause of stress for older people, with many concerned about running out of money in retirement, as well as mounting bills and lack of disposable income.

While done with the best of intentions, if you do plan to support your children to buy a property, it's important you do so understanding the implications, and that this doesn't jeopardise your own financial well-being later in life.

– Clive Lawson, Experian managing director