Bust­ing the bank of mu­mand­dad

Yorkshire Post - Property - - PROPERTY -

IT has widely been re­ported that the Bank of Mum and Dad have been cru­cial in help­ing first-time buy­ers onto the hous­ing lad­der. De­spite a fall in first-time buyer transactions, Sav­ills sta­tis­tics show that the ex­tent of fi­nan­cial as­sis­tance pro­vided to first-time buy­ers has been be­tween two and three times higher in the last five years com­pared to the five years prior to the credit crunch.

Lucian Cook says: “If we as­sume that in cases where parental as­sis­tance was pro­vided it funded the whole de­posit, the amount of fi­nan­cial as­sis­tance from the Bank of Mum and Dad in the five years post credit crunch would have been 131 per cent higher than in the pre­vi­ous five years (£18.5bn com­pared with £8bn).


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