Parents across the country have provided their children with close to £30 billion over the last 10 years, in order to supply them with adequate deposits for a UK home loan.
According to a new study, more than 20% of FTB’s have received financial aid from their parents with regards to securing the loan for a new home, with the average advance standing at around £20,000.
The UK property market, but more specifically house prices, have rose at such a rate over the last decade that many FTB’s have become completely alienated from the market, due to financial constraints. This in turn, has caused a huge number of parents to intervene in on their children’s home buying activities, offering an unprecedented amount of money and time to see them right.
On the subject of time allocation, is has also been noted that many British parents are devoting close to 20 solid hours on the actual act of house hunting in conjunction with their children, and an additional 65 hours spent on the combined efforts of moving into and refurbishment of, the chosen property.
One expert suggested that changes in the property market over the last decade or so, have made the actual act of buying a home, far more involved and financially/resource taxing than it would have been for many peoples parents. Most FTB’s have come to expect a certain degree of involvement by their parents when buying a new home, if not only on a financial level.
