You are here: Home - Uncategorized -

Parents contribute billions to help kids onto ladder

Written by:

UK parents collectively pay out more than £27bn to help their children buy their first homes, according to Abbey Mortgages.

Research from the bank found that one-in-seven first-time buyers receive financial assistance from their parents and a further one-in-16 first-time buyers borrow money from their parents in order to buy property. The average loan currently amounts to £19,619. An estimated 4.6m Brits give their children an average of £5,874 to help buy their first home, collectively amounting to a total of £27bn.

First-time buyers in London and the South East boast the highest amount of parental support, receiving an average of £6,485 from parents, who spend 26.15 hours helping them to find a property.

Nici Audhlam Gardner, head of mortgages at Abbey, said: “Because house prices have increased so much over the past few years, buying that first home is also a bigger and more daunting investment than it was for the previous generation, so guidance is undoubtedly needed.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
ISA rates begin to pick up

Rates of interest on Individual Savings Accounts (ISAs) are becoming more competitive in the lead up to the new tax...