Generous grandparents helping out

Category: All&Home Finance

Not surprisingly, first-time buyers are increasingly being helped by their grandparents in their first house purchase. So, in addition to the Bank of Mum and Dad we will now hear how the ‘Bank of Granny and Grandad’ is assisting new and existing homeowners.

Financial support from grandparents has helped nearly a third of 18 to 34-year-olds buy their first home in recent years and 12% of all existing homeowners acknowledge that they have benefitted in this way8.

The average amount received is £7,400 which, based on the latest government house price data, equates to around 30% of a typical 10% deposit worth £23,485.

8Trussle, 2019

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