Parents providing children with £23k deposit on average

by Aaron Strutt

Sep 18 2014

Parents in the UK are giving their children an average deposit of £23,000 when helping them onto the property ladder, research from Shelter shows.

Their figures also point out that a fifth of parents are helping their children onto the housing ladder by passing on savings from funds set aside for elderly care and retirement.

Chief executive of Shelter Campbell Rob said: “A whole generation of young people are working hard and saving hard, but our desperate shortage of affordable homes still leaves them priced out.

“A pay-out from the Bank of Mum and Dad can’t be the next generation’s only chance of affording a home of their own. Politicians need to give back hope to all those left priced out by building the affordable homes they are crying out for.”