Mar 28

Record number of first-time buyers rely on parents cash

Take a look at the figures

According to new research, a record number of first-time buyers are relying on their parents cash when it comes to buying a home.

Analysis for the Social Mobility Commission suggests that more than third of home buyers in England rely on their families cash.

The latest official data from 2013-14 was used in the research, it found that 34 per cent needed money or a loan from their parents.

This number can be compared to 2010/11s figure of 20 per cent.

Research also found that 10 per cent relied on inherited wealth.

Dr Paul Sanderson, author of the report from the Anglia Ruskin University, said: “Affordability problems mean that parents and other family members have a critical role in assisting their children to buy their first home, either by means of a gift of money or a soft loan,”