Most first-time buyers had help from their family when purchasing a property - with some receiving much more than others
Sons are receiving over £13,000 more than daughters towards their first home deposit from parents, as more buyers rely on the Bank of Mum and Dad for help.
However, not every child is equal, Zoopla’s research showed. It found that daughters receive £51,671 towards their first property compared to sons who are gifted £65,004 – over £13,000 more.Daniel Copley, consumer expert at Zoopla, said: “One possible explanation is weddings. In the UK it is traditional for the bride’s family to pay, and the average cost of a UK wedding is currently around £20,000.
First-time buyers who had financial support from their parents, overall, were able to purchase their home more than six years sooner than those who did not – at the age of 32.9 years versus 39.2 years. Copley added: “The research clearly shows that getting help from parents and family is very much the default when it comes to buying a first home – the vast majority of those who bought their first home in the past five years had help.
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