The bank of mum and dad has been one of the key sources of finance for first-time buyers during the last 10 years.
Generous parents have funded house purchases to the tune of 3.24 billion, this trend is only set to continue. London especially is an area where the bank and of mum and dad is needed, the average deposit for a first-time buyer is 100k, that is an eye-watering increase of 325%!
Many parents have benefited from equity gains in London and are selling the family home to access equity, moving to a smaller property, and reinvesting the equity to help children get on the housing ladder.
Are you planning to help your children onto the property ladder?
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