Bank of Mum and Dad supporting one in four purchases
The Bank of Mum and Dad is expected to support more than one in four (27%) house purchases this year, Legal & General and Cebr has found.
Last year 25% of buyers received help from friends or family.
Despite the increase contributions have fallen by 17% from £22,000 last year to £18,000 this year, suggesting more families are feeling the pinch.
Nigel Wilson, group chief executive at Legal & General, said: “The fact that in 2018, one in four housing transactions in the UK will be dependent on the Bank of Mum and Dad, while hard-pressed parents are finding it more difficult to provide the funds to help their family with deposits, will further exacerbate the UK’s housing crisis.
“We need more homes for the young, old and families alike. Legal & General is playing its part by announcing an initiative to deliver thousands of new affordable homes.”