Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
Average Parental Contribution to UK Homebuyers is £11,241
New research from savings provider Spring has found that UK homebuyers who receive financial help from their parents are given an average of £11,241. The study reports that only around one in seven adults benefit from a parental contribution when getting onto the property ladder.
Among those who do receive support, a third are given between £1,000 and £4,999, while almost one in five receive between £5,000 and £9,999. The research also shows that one in four recipients are given more than £10,000, including one in six who receive between £10,000 and £24,999. Additionally, one in ten recipients receive between £30,000 and £50,000.
For letting agents and inventory clerks, these findings highlight the significant role that family support plays in enabling tenants and buyers to access the housing market. However, the research also notes that the majority of adults do not receive such financial assistance, underlining the continued importance of personal savings for many prospective renters and buyers.
Source: Mortgage Strategy