Related topic: Bank of Mum and Dad

Two-thirds of first-time buyers have relied on living at home rent-free to save for a deposit, rising to 71% in London.

The Bank Family is becoming essential for first-time buyers, as gifting shifts from inheritance to lifetime giving.

6% have received family support to help them afford a first-home deposit.

Most now favour giving money to family while alive, rather than leaving it in a will.

Quilter is calling on the government to modernise the annual gifting allowance.

Key highlights the need for specialist advice on tax and income risks when gifting from pensions and property.

Assistance paid out since 2021 totals £38.5 billion – 71% more than the previous four years.

First-time buyers receiving a gift as part of their deposit has dropped by 4% in a year.

More homeowners and first-time buyers than ever need the Bank of Mum and Dad for home deposits.

High living costs are impacting parents’ ability to help fund their children’s deposit, impacting three out of five (59%) first-time buyers.