You are here: Home - First Time Buyers - News -

Where is the Bank of Mum and Dad most popular with buyers?

Written by:
Nearly four in 10 buyers in this city ask their parents to help them onto the ladder
Where is the Bank of Mum and Dad most popular with buyers?

First-time buyers in Plymouth are more likely to ask their parents to help pay their deposit than anywhere else in the UK, according to British Pearl.

The property investment platform found that 37% of house hunters in the Devon city have borrowed, or are planning to, from the bank of mum and dad to buy their first home.

This is despite the average cost of property in the port city being £175,860, which is 24.38% lower than the national average of £232,554.

London came in second, with 35% of first-time buyers asking their parents or grandparents for financial help.

In Birmingham, 31.5% said they are reliant on mum and dad for help with a deposit, while 26.8% will ask for help in Manchester, 25% in Liverpool and 23.8% in Southampton.

Going it alone

Buyers in Edinburgh are least likely to ask for help from their parents, despite property prices there being 14% higher than the national average.

Just 13.6% have or are planning to approach the bank of mum and dad for help with a deposit.

James Newbery, investment manager at British Pearl, said:“It is the Edinburgh results that are the most surprising, pointing to a population of relatively well-off inhabitants to match the city’s high property prices.

“What will have helped those in the Scottish capital is the fact prices have risen at a much more gradual pace than London, climbing just 23.7% since November 2010.

“In Plymouth the cost of property has risen at an even slower rate than Edinburgh but that is offset by significantly lower average salaries.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2020-2021

Download our guide to the best mortgage lenders in the UK

Read More >