Blog Post

Bank of mum and dad

Dewi Dewi Jones May 16, 2023, 13:00 PM

£17 billion is gifted, or informally loaned each year, of which over half is used for property purchase or improvement (The Institute of Fiscal Studies).

Virtually all money transfers come from parents aged over 50 to children in their late 20s and early 30s. The average gift for property purchase or improvement is over £20,000.

The age children leave home is generally between 25 and 27 years, and the average age to purchase a first property is 33. Over 22.4% of families in the UK include one or more adult children.

Research by Legal and General indicates that without the financial help of family and friends, over 70% of prospective home buyers would have to delay their property purchase plans, by an average of 4 years. Source: Dataloft, The Institute of Fiscal Studies, Legal and General, Census 2021.

Leave a comment
Newest on top Oldest on top
Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"If you need an Estate Agent who is going to really go the extra mile, Dewi is THAT person."

- James

"I was shown around a property by Abbey Bird, it was a lovely viewing"

- Sophia

"Very good estate agency"

- Junaid

"Friendly and helpful. No problems everything ran smoothly as expected and professionally."

- David

"Dewi kept us up to date & was very understanding of my Mum's situation. I would highly recommend selling with this company."

- Jane

"Abbey was very friendly and helpful"

- Sandra

"Sold a property, and Gill was amazing throughout the process!"

- Rachel

"Abby was prompt to respond to inquiries and very pleasant"

- Christian