{"id":2713,"date":"2017-05-03T16:30:06","date_gmt":"2017-05-03T15:30:06","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=2713"},"modified":"2017-05-03T16:30:06","modified_gmt":"2017-05-03T15:30:06","slug":"bank-mum-dad-will-fund-75bn-property-purchases-year-alone","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/bank-mum-dad-will-fund-75bn-property-purchases-year-alone\/","title":{"rendered":"The Bank of Mum and Dad will fund \u00a375bn of property purchases this year alone"},"content":{"rendered":"<p><strong>By the end of 2017, Britain\u2019s Bank of Mum and Dad will have helped to buy homes of an added value of \u00a375bn, as parents are loaning \u00a36.5bn to their house-hunting offsprings.<\/strong><\/p>\n<p>New research by Legal and General and combination with Cebr has revealed that 25% of property transactions in the UK are now being funded with parental help.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"R62qYHnFAa\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/27\/every-third-first-time-buyer-banks-mum-dad\/\">Every third first-time buyer banks with Mum and Dad<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Every third first-time buyer banks with Mum and Dad&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/27\/every-third-first-time-buyer-banks-mum-dad\/embed\/#?secret=PLjBpgJpKn#?secret=R62qYHnFAa\" data-secret=\"R62qYHnFAa\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The expected total of loans of \u00a36.5bn is a significant increase from last year\u2019s \u00a35bn. This puts the country\u2019s mums and dads on one level with the Yorkshire Building Society, Britain\u2019s 9th largest <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/25\/uks-mortgage-costs-hit-record-low\/\" target=\"\" rel=\"noopener\">mortgage lender<\/a>.<\/p>\n<p>The ones getting most support from their parents are <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/05\/continuing-rise-generation-rent-best-friend-private-rented-sector\/\" target=\"\" rel=\"noopener\">millennials<\/a>, as the report reveals that 79% of funding goes to those aged 30 and younger.<\/p>\n<p>Nigel Wilson, CEO of Legal and General, said:<\/p>\n<blockquote><p>\u201cYounger people today don\u2019t have the same opportunities that the baby-boomers had, including affordable housing, defined benefit pensions and free university education.\u201d<\/p><\/blockquote>\n<p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/12\/06\/london-home-almost-one-fifth-uks-generation-rent\/\" target=\"\" rel=\"noopener\">Almost 40% of Londoners receive help from their parents<\/a>, with the amount mum and dad were willing to contribute varying drastically depending on location.<\/p>\n<p>Overall, England\u2019s South West saw parents most willing to chip in with an average of \u00a330,000. London followed closely behind with average parental support coming up to \u00a329,400.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"TXbbTroe8X\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/27\/britains-generation-rent-feels-let-high-street-agents\/\">Britain&#8217;s Generation Rent feels let down by high street agents<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Britain&#8217;s Generation Rent feels let down by high street agents&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/27\/britains-generation-rent-feels-let-high-street-agents\/embed\/#?secret=FlYzN96qls#?secret=TXbbTroe8X\" data-secret=\"TXbbTroe8X\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Welsh home buyers were least able to rely on support from their parents as financial help average at \u00a312,500.<\/p>\n<p>In addition to this, some siblings seem more likely to get the full support than others as only 40% of parents stated they would support all their kids equally and 18% actively choosing to only help old the eldest offspring.<\/p>\n<p>Wilson added:<\/p>\n<blockquote><p>\u201cParents want to help their kids get on in life, and the Bank of Mum and Dad is a testament to their generosity, but it is also a symptom of <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/10\/action-now-needed-fix-broken-housing-sector\/\" target=\"\" rel=\"noopener\">our broken housing market<\/a>.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>By the end of 2017, Britain\u2019s Bank of Mum and Dad will have helped to buy homes of an added value of \u00a375bn, as parents are loaning \u00a36.5bn to their house-hunting offsprings. New research by Legal and General and combination with Cebr has revealed that 25% of property transactions in the UK are now being<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-us\/news\/bank-mum-dad-will-fund-75bn-property-purchases-year-alone\/\" title=\"ReadThe Bank of Mum and Dad will fund \u00a375bn of property purchases this year alone\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[99,46,52,37],"class_list":["post-2713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-housing-market","tag-demand-supply-gap","tag-generation-rent","tag-property-shortage","tag-uk-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/2713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=2713"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/2713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/4370"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=2713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=2713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=2713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}