More and more Norwegians are getting help from parents to buy a home

Photo: Anette Karlsen / NTB

Rising house prices and rising interest rates have negatively affected the number of first-time home buyers in Norway, which is at a five-year low. 

The number of first-time buyers has increased continuously over the past five years. Still, according to a new report from Samfunnskonoskomnis analysis, NEF and Ambita, the figures show a decline for the first half of this year, the newspaper Dagens Næringsliv writes.

Among first-time buyers, far more young people get help from their parents.

Figures from BN Bank show that 16% have parents as co-borrowers. In 2014, the proportion was 1%, according to the bank’s figures. A survey by DNB shows that one in three young people get help from family to enter the housing market.

“Most young people in pressured areas today get help to get into the housing market,” Ingjerd Blekeli Spiten at DNB told DN.

Housing researcher Jardar Sørvoll at Oslo Met says family wealth and social background will become even more important for young people’s success in the housing market in the coming years.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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