Young U.K. homeowners aided by parents

EDINBURGH, Scotland, July 10 (UPI) -- The United Kingdom's Council of Mortgage Lenders says most young homeowners purchased their first home through funding assistance from their parents.

The U.K. industry body said a record 80 percent of first-time homeowners age 30 or below entered the real estate market thanks to parental financial aid, The Glasgow Herald said Friday.

The new real estate figure marks a dramatic increase from 2007 council findings that indicated 38 percent of the young homeowner group were aided by their parents.

The record percentage of young people using familial aid to purchase homes comes despite a decline of more than 20 percent in property values since the third quarter of 2007, the Herald said.

Yet while property values have declined, so have the numbers of lenders offering sizable loans to hopeful homeowners.

The Herald said the average home purchase deposit for a first-time homeowner in May was nearly $51,800, while the average annual salary for such individuals is nearly $53,200.