Bank of Mum & Dad fork out £25k to first time buyers

Posted: 13/12/2023

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Recent research has shown that parents (the "Bank of Mum & Dad") forked out £25,000 on average to their first time buyer children to help with property purchases. In fact, university graduates got more - £35,00 on average. 

Unpredictable interest rates have made getting on the property ladder more difficult and between 2009 and 2019, home ownership for those aged between 25 and 39 fell from 55% to 43%. The Tori government thought they would try and make themselves more appealable to first time buyers by raising taxes so high for landlords that they would be forced out of the market and free up housing. But as the industry told them, this policy backfired as it has driven rent prices up as landlords exit the market. For social renters this has been a disaster and has increased homelessness; for first time buyers who have been renting at the higher prices, it has made saving for a deposit much more difficult. 

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