2/3 of First-time Buyers have help for Deposit, sons receiving £13,000 more than daughters! 🤷
📸 Lead image FOR SALE by Cavendish Residential: Beautifully presented one bedroom private lodge located in the exclusive development of Linby House | Guide price £220,000 📸
Full article from Zoopla here 📩
🆘 The average UK first time buyer deposit is £60,100.
🆘 Two-thirds of first-time buyers since 2019 had help from family members
🆘 And parents contributed an eye-watering £58,000 on average
🆘 Half of those who had help said parents interfered, with a fifth wishing they hadn’t accepted the offer!
🆘 Interestingly, most people who had parental help didn’t ask for it - only 21% did
👧 On average... daughters received £52,000, whereas sons collected £65,000 👦
The most common things first time buyers receive parental help for are:
✅ The all-important deposit (66%)
✅ Legal fees (24%)
✅ Renovation costs (20%)
Financially supported FTBs managed to buy 6 years earlier at the age of 32, compared to 39 for those who didn't
The cons of parental support, yes there could be strings attached!
❌ Half of those who were helped (50%) said their parents went on to ‘interfere’ with aspects of their home purchase
❌ In fact, 21% said their parents felt like they had a say in the home they bought
❌ While 19% said their parents started interfering with how much they spent in total
❌ 1 in 7 said their parents even tried to have a say in the decorating
What about those who don’t receive parental support?
🔸 Nearly 8 in 10 said they simply didn’t expect any
🔸 Just 6% said they were disappointed, while 3% that they were ‘angry’ or ‘frustrated’
🔸 When asked about their feelings towards those who did have parental help, 40% were philosophical and said they ‘accept some people have advantages’
🔸 38% said they are pleased for those who get financial support
🔸 Just 6% felt it was unfair
If you are looking to buy, and don't have parental help... It may be worth investigating the latest buying initiatives. A good place to start is Zoopla's Buying a Home guide by clicking here.
For more information on how to buy a home, contact Emma (emma.travers@cavendishproperty.co.uk) 📧
📸 Emma Travers, Head of Sales, Lettings and Investments at Cavendish Residential 📸
📸 Lead image FOR SALE by Cavendish Residential: Beautifully presented one bedroom private lodge located in the exclusive development of Linby House | Guide price £220,000 📸
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