Parents spend £4bn helping kids buy property

Around two-thirds of first time buyers are receiving financial assistance while 45% say they would not have been able to buy property without help. The research found the average first-time buyer received £18,500 in financial assistance. Further research by the Bank among IFAs found there was a growing trend for parents seeking advice on how to get their children onto the property ladder. IFAs were most likely to advice their clients to act as guarantors on their child’s mortgage. They also recommend using their savings or drawing down funds from their own mortgage to help their childre...