Affordability problems for first-time buyers mean parents, grandparents and siblings are stepping in to help
to get a foot on the property ladder, has long been a key part of the UK housing market.
Legal & General said relatives were expected to support 318,400 UK property purchases in 2023, including 47% of all those involving buyers under the age of 55. Its research, based on separate surveys of buyers and parents and grandparents, found that £8.1bn would be handed to homebuyers by family members this year, with an average of £25,600 going towards each transaction.
Separate research by the property firm Hamptons found that while parents were still the most likely to help out first-time buyers, other family members were increasingly offering support.
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