Majority receive parental help to get on ladder
Research carried out by sister banks Yorkshire and Clydesdale revealed that parents contributed or will help towards the deposit for 50% of those who have recently bought their first home or are planning to get on the property ladder within the next 24 months.
More than half (28%) of these first timers will pay back some or all of the money, but for a lucky 22% the assistance is a gift from the family.
First-time buyers in the Midlands get the most family support with 67% receiving help, closely followed by London and the South East.
The lowest levels of help are in the East, however still more than half (52%) have had support in saving a deposit.
Clydesdale and Yorkshire Banks retail director Andrew Pearce said the research underlines the challenges first-time buyers face:
“Many people can struggle to save a deposit and our survey highlights that a significant proportion turn to family and friends for financial support.”
A fifth of respondents took six months to a year to save for a deposit, while a quarter took one to two years.
However, more than half of first-time buyers took two years or longer.
Those in the Midlands were most likely to receive help from their family, followed by London and the South East.