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Majority receive parental help to get on ladder

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The Bank of Mum and Dad currently helps finance almost two-thirds of first-time buyer purchases.
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.

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