68 per cent of parents do not expect to get their deposit back

by Aaron Strutt

Jun 23 2014

The average first-time buyer receives nearly half of their deposit (49%) from parents or their partner’s parents, according to research by Santander Mortgages.

Santander’s study explains that more than two thirds (68%) of parents who provided money to help their children get on the property ladder will not get the money back as it was intended as a gift. For those who are yet to buy their first home, the average amount they expect to receive from their parents is £17,900.  

Miguel Sard, head of Santander Mortgages, said: “Raising a deposit can be a huge challenge and our research shows that many rely on financial help from their parents in order to get a foot onto the property ladder. Buying your first home can be daunting but there are ways to make it easier and support is available to help first time buyers with upfront costs.”