Parents paying £2 billion each year to help their children onto the property ladder
Parents are contributing £2 billion every year to help their children get on the housing ladder, according to analysis by NatCen Social Research on behalf of Shelter. Since 2009, more than a quarter (27%) of UK first-time buyers relied on help from their parents to raise a deposit - up from a fifth (17%) in the previous four years.
Shelters research also shows the average contribution from parents who helped their children was £17,000 - more than half of the average deposit of £28,000. That means that parents are contributing around £2 billion to the housing market each year.
Campbell Robb, Shelter's Chief Executive, said: "The fact that the Bank of Mum and Dad has to play such a central role in our housing market shows just how desperate the situation has become for a generation that's priced out of a home of their own."
July 26, 2013
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