- UK Finance analysis reveals that "the bank of mum and dad" significantly impacts the UK housing market, enabling first-time buyers to purchase properties earlier and at higher prices.
- Assisted buyers enter the market around age 30 with an average household income of £56,000, purchasing homes worth almost £40,000 more than unassisted buyers, who have a higher average income but buy about 2.5 years later.
- The average deposit for assisted buyers is £118,073 compared to £60,741 for unassisted buyers, with an even greater disparity in London.
- The temporary stamp duty holiday disproportionately benefited assisted buyers, with increased equity withdrawals suggesting families leveraged property wealth to help first-time buyers.
- UK Finance warns that increasing reliance on family support risks deepening inequalities in the housing market, emphasising the need for solutions addressing both supply and affordability.
IN FULL
True value of ‘bank of mum and dad’ for first-time buyers revealed in new analysis
