New analysis from UK Finance highlights the impact of family financial support in the first-time buyer (FTB) market – often known as the Bank of Mum and Dad. UK Finance looked at assisted and unassisted buyers in terms of deposits, age, household income and purchase price in 2024 and found notable differences across these in each region of the UK.
Industry experts and professionals have shared their views:
James Tatch, UK Finance’s Head of Analytics, commented:
“First-time buyers are essential to the UK housing market, helping to unlock transactions further up the chain and maintain overall liquidity. While the majority of first-time buyers are still managing to purchase without help, the growing reliance on family support risks deepening inequality in the housing market. A balanced approach which addresses both supply and affordability issues is essential to ensure the door to homeownership remains open to all.”
Toby Leek, NAEA Propertymark President, comments:
“These figures demonstrate that there is still much work to be done to help first-time buyers get onto the property ladder, and that for many people under the age of 30, home ownership is not a realistic aspiration without financial support from parents. With interest rates higher than many people are used to and the average deposit needed to purchase a home now sitting around £50,000, it is imperative that further support is available and all Governments across the UK fulfil their housing targets to help even out demand and supply levels in the long-term.”
