A quarter (2,000) of first-time buyers each month are relying on their parents to provide the deposit for their house purchase, according to research by advice service ParentAidNow.com.
Parents fork out over a quarter of a million pounds each year to help their children get the property they want.
Helen Adams, managing director or ParentAidNow.com, said: “These figures show the extent to which the housing market is effectively relying on the over 50s to maintain a flow of first-time buyers on the housing ladder and effectively keep the wheels turning for everyone else.”
ParentAidNow.com gives advice to parents who want to help their children get on the property ladder.
