The British property market is increasingly reliant on the “bank of mum and dad”. 34% of first-time buyers relied on family help in 2013-2014, compared with 20% 7yrs before that.
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Bank of mum and dad finances more English first-time buyers
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As well as rising prices and the need for large deposits, tougher mortgage regulation since the financial crisis has also played a part, he said. “Through stress-testing affordability, it effectively limits the amount of mortgage debt which [first-time buyers] can raise relative to their income.” Those first-time buyers who received gifts or loans from their parents are able to buy 2.6 years earlier nationally, and 4.6 years earlier in London.
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