The “bank of mum and dad” is helping more people get on the property ladder, according to a report by the Centre for Economics and Business Research (Cebr).
Carried out on behalf of HSBC, the report found that over 100,000 first-time-buyers have been supported by family financing.
It found that, between 2008 and 2011, approximately £23 billion worth of first-time-buyer purchases were aided by parents.
During the same period, first-time buyer activity dropped from £30.2 billion a year to £28.5 billion, suggesting that 18.7 per cent of first-time-buyer activity in the last four years would not have taken place without parental aid.
Peter Dockar, head of mortgages at HSBC, said: “It’s obvious that the ‘bank of mum and dad’ has stepped in to plug the gap left by those banks and building societies who have constricted their lending in recent years, which means that family support has become an important element of the post-crisis financing mix.”
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