FTBs turning to the ‘Bank of Family’

First time buyers (FTBs) seem to be struggling to get onto the property ladder independently, as 12% relied on financial support from family members to purchase a home in November 2023*.

Despite the government’s efforts to help FTBs with initiatives such as the First Homes scheme, some clearly need more help amidst the cost-of-living crisis. 69% of those who have become the ‘Bank of Family’ notice their own finances are negatively affected as a result. With an average sum of £25,600 being gifted¹, many parents and grandparents use their own savings and investments to help the younger generations.

If you’re considering making a financial gift to a family member, talk it through with us first.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*Legal & General

7 May, 2024

More news

20 August, 2024

As the UK adjusts to the aftermath of the General Election, many will be wondering what this means f

Undeterred buyers In a survey carried out before 4 July, 95% of prospective buyers said that their moving plans were unaffected by the election. This is reflective of activity seen around previous UK

15 July, 2024

Before the election, property experts Rightmove carried out a survey to ascertain what this new gove

Speed up housebuilding One of the top recommendations was making improvements to the housebuilding process1. Buyer demand has increased by 15% since 2019, but the number of available homes has not inc

12 July, 2024

Recent research has found that 52% of UK working parents do not have a financial protection policy i

Who is not insured? Interestingly, nearly two thirds (65%) of those without protection are in part-time work, while over half (56%) are self-employed and 39% are on zero-hours employment contracts. H