Legal and General’s Bank of Family Report suggests that financial aid from families is expected to support 318,400 UK property purchases in 2023
This type of lending and gifting – which will give £8.1bn to homebuyers in 2023 – has previously been referred to as the “Bank of Mum and Dad” but the business has changed this to reflect the fact that contributions often come from other sources, such as grandparents.
The research suggests that by 2025, it will provide more than £10bn to support 357,200 home purchases, putting property ownership out of reach for many without access to family wealth. A majority of the support currently goes to first-time buyers and over three quarters directed at least a portion of their funding towards a deposit.trends, with two thirds of buyers in London receiving support to purchase a home, and getting an average of £30,200, compared to an average gift of £19,800 in the West Midlands.
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