Second-steppers ‘still need Bank of Mum and Dad’
While it has always been common for parents to help their children out financially with their first home, new research from Lloyds Bank shows that 32 per cent of ‘second steppers’ have sought assistance. In fact, the average amount of support needed is £21,231.
Family considerations often factor into a house move, with 23 per cent of buyers saying they put off starting a family until they moved. With parents eager to foster the next generation, a nice home for their grandchildren is a sound investment.
The research also found that 35 per cent could not take the next step on the ladder without some kind of support. This compared with around 50 per cent needing help to buy their first home.
Mortgage director at Lloyds Andy Mason said: ‘Parental support continues to play a vital role in helping young people to get on the property ladder. ‘However, it is clear that despite improved conditions for this part of the housing market, Second Steppers will still rely on the ‘Bank of Mum and Dad’, with hard-pressed parents being once again called on for financial help.’ Of those getting help, 19 per cent received it from their parents, while nine per cent were aided by grandparents and six per cent by friends. If you are looking to upsize or would like to discuss your options, call us and we can give you all the advice to help you move up on the property ladder.