First time buyers turning to bank of mum and dad

21-Aug-2006

Children over the age of 25, often first time buyers, are being given financial support by their parents, according to 3GB research from engage Mutual Assurance.

In the past six months 24 per cent of parents have helped their grown up offspring with finding a deposit, purchasing mortgages and funding home improvements.

Karl Elliott, 3GB spokesperson for engage Mutual Assurance, said: "With recent reports showing that parents are paying an average of £18,000 to help their children buy their first home, these results reveal a huge shift in responsibilities across the generations.

"In modern Britain, grown up children are not only turning to parents for one off handouts, but support for everyday expenses well into adulthood."

Recent research from Alliance & Leicester found that 50 per cent of first time buyers seek financial help from their parents.

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