It’s not just the financial side of buying a house in which mums and dads are getting involved – now many first-time buyers report their parents influencing their choice of home.
According to a study by David Wilson Homes one in five first-time dwellings are chosen by buyers’ parents.
Meanwhile, nearly half of those taking their first step on to the property ladder did so in areas suggested by their mum or dad.
It found 60% of first-time buyers in the past five years have had help from the Bank of Mum and Dad to either buy or save for their property. And of those, almost half thought their parents influenced their choice of home.
But, even when their mother or father didn’t play a financial role, many first-time buyers said their parents still had an impact on the choice of property. Indeed, 17% of those who funded their own purchase were swayed by guidance from their mum and dad.
But, for many, parents played another vital role in the house buying process – by moving back into the family home, many first-time buyers were able to put down some serious savings on their deposit.
The study found over a quarter of first-time buyers moved back with their parents to boost their savings for a house, a figure which soared to 43% amongst 18 to 24-year-olds.
Doing this enabled them to squirrel away an average of £6,000, with over a fifth saving more than £10,000. The average amount of time to move back home was seven-and-a-half months, but many did so for more than a year.
A spokesperson for Barratt Homes, said: “The role of mum and dad in helping children get on to the housing ladder is well known, but we wanted to drill a bit deeper into how that may influence the end choice of home their children buy.
“It’s interesting to look at the extent to which parents do influence their children’s choice in home, and how that influence is greater when their children move back home to save or particularly when they themselves contribute financially to it.”
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