Research shows two-thirds of buyers receiving help from parents

September 2, 2024 by Heidi

Surveys and Statistics

The latest research into the housing market in the UK has found that close to two-thirds of first-time buyers during the last five years have been reliant on help from their parents to manage the costs.

Zoopla carried out this study and the results reveal that 63% of first-time homebuyers were in that position. When it comes to those who are below 30 years of age, the percentage relying on parental financial help goes up to 76%. This is reflective of increasing property prices and deposit costs during the past decade, as well as rises in living costs.

The research from Zoopla also revealed differences in the average amounts that children received from their parents based on sex. The average sum of money that sons get from parents to buy a first home is £65,004, while for daughters it is £51,671. The current average deposit cost for a first-time buyer is £60,100.

What this research demonstrates is that being able to fall back on help from parents makes a big difference to how quickly people are able to get on the property ladder. Those with that help achieved this goal six years earlier on average than those without it. The average age in each situation was 32.9 years and 39.2 years.

Daniel Copley from Zoopla said it showed how tough the market was for people who cannot get backing from parents.

A mortgage advisor with CeMAP training can help potentially first-time buyers by identifying specialist deals that are more affordable for them.