30 and 40-somethings who are trying to get onto the property ladder have increasingly resorted to the ‘Bank of Mum & Dad’ but their purse strings are getting tighter, according to a new report by Legal & General.
The lender noted that the average parental contribution for homebuyers this year would be £18,000, down 17% from last year’s £21,600. However, more than one in four buyers are still expected to receive financial help from friends or family.