Bank of Mum & Dad

We're all very aware of the struggles the younger generation are facing when trying to get on to the property ladder, so this will come as no surprise but according to an article on Property Reporter, half of all under 35s, have had their first home funded by the bank of Mum and Dad!

The figures and analysis was from Legal & General and Cebr showed that 56% of those under the age of 35 were getting a financial gift, from Mum and Dad, in order to purchase their first home.

Perhaps more surprisingly is that those over 35 account for even more lending from the Bank of Mum and Dad, however, it's believed this is mostly for moves to larger properties, rather than first time purchases.

The question has to be how long the housing market can carry on being propped up by this unregulated financial service of family and friends?

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