The Bank of Mum and Dad is set to aid over 316,000 house purchases this year, although at £5.7 billion the total value of their lending is set to be down 17% on 2017 according to new research by Legal and General and CEBR.
Over 70% of parents use cash savings, their average contribution set to be £18,000 this year. However, the Bank of Mum and Dad is feeling the squeeze, this is 12% lower than their average contribution in 2017.
While 59% of those under 35 receive financial support from family and friends, the state of the current housing market is seeing support offered across the age spectrum. Two in five purchases aged 35–44, and one in four aged 45–54 benefit from help.
Unsurprisingly the percentage of purchasers receiving help (41%) and the average contribution received (£30,600) is highest across London. However, even in northern regions where average prices are lower, the Bank of Mum and Dad can be expected to contribute a not insignificant £12,000.
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