Research shows buyers helped by families less likely to seek advice

September 28, 2023 by Alan

Surveys and Statistics

The latest research looking at people in the UK who are reliant on financial support from their families has found that the majority of them are not getting advice from a professional.

This data comes from the Centre for Economics and Business Research and Legal & General, taking the form of a survey. The results show that only 39% of buyers who are getting financial help from their families to purchase a home have sought out the help of a qualified mortgage advisor during the process.

What makes that figure more significant for advisors is the fact that the survey shows a record number of those buying a home this year will be doing so thanks to financial support from their families. Over one quarter of those in that position who took part in the survey – 28% to be exact – had not sought any advice when buying.

There is a marked gender split when it comes to the percentage of family-assisted buyers prepared to get help from a professional advisor. 46% of female buyers did so compared with just 30% of male ones.

Speaking to Financial Reporter, Kevin Roberts from Legal & General said:

“In such a challenging economic climate, buyers must not overlook the insights that an advisor can bring to even the most complex of property transactions.”

Advisors with the CeMAP qualification should see this as a demographic that they can focus more time and energy on promoting the expertise they offer to.