News
  • Login
  • Home
  • News
  • Sport
  • Worklife
  • Travel
  • Reel
  • Future
  • More
Friday, May 1, 2026
No Result
View All Result

NEWS

3 °c
London
8 ° Wed
9 ° Thu
11 ° Fri
13 ° Sat
  • Home
  • Video
  • World
    • All
    • Africa
    • Asia
    • Australia
    • Europe
    • Latin America
    • Middle East
    • US & Canada

    Police say they believe abducted child was murdered as body found in Outback

    Violence in Australian town after arrest of man over girl's murder

    Man sentenced to death for murder of toddlers at Ugandan nursery

    Singapore court fines women for pro-Palestinian walk

    Trump says US studying troop cuts in Germany, as spat with Merz intensifies

    US soldier accused of betting on Maduro's removal pleads not guilty to fraud charges

    Israel intercepts Gaza flotilla near Crete and detains 175 activists

    Oscar goes missing after Academy Award winner is blocked from taking it on flight

    Bondi shooting inquiry calls for gun reform and more security at Jewish festivals

  • UK
    • All
    • England
    • N. Ireland
    • Politics
    • Scotland
    • Wales

    May full Moon: When to see the ‘Flower Moon’ rise this week

    'First hotel in Scotland' could reopen as business hub

    The methods and mind of Wrexham’s composed icon Phil Parkinson

    Heating oil prices reached record high in NI

    Restore Britain party refunds crypto project's donations

    UK terrorism threat level raised to severe after Golders Green attack

    What we know about the Golders Green stabbings

    The city caught in the middle of the big energy shift debate

    Wrexham: When the first Hollywood season ended in final-game tears

  • Business
    • All
    • Companies
    • Connected World
    • Economy
    • Entrepreneurship
    • Global Trade
    • Technology of Business

    Chip shops sell cheap catfish as ‘traditional fish and chips’

    Fertiliser boss says war puts 10 billion meals a week at risk

    Five takeaways from the Bank of England

    Meta shares slide as investors weigh Big Tech's AI spending spree

    Claimants in Johnson & Johnson talcum powder case rise to 7,000

    Interest rates expected to be held as uncertainty over Iran war continues

    Face serum advert banned over 'five years younger' claim

    What is the windfall tax on oil and gas companies?

    A fresh financial crisis may be coming – it won't play out like the last one

  • Tech
  • Entertainment & Arts

    Dancers say Lizzo ‘needs to be held accountable’ over harassment claims

    Freddie Mercury: Contents of former home being sold at auction

    Harry Potter and the Cursed Child marks seven years in West End

    Sinéad O’Connor: In her own words

    Tom Jones: Neighbour surprised to find singer in flat below

    BBC presenter: What is the evidence?

    Watch: The latest on BBC presenter story… in under a minute

    Watch: George Alagiah’s extraordinary career

    BBC News presenter pays tribute to ‘much loved’ colleague George Alagiah

    Excited filmgoers: 'Barbie is everything'

  • Science
  • Health
  • In Pictures
  • Reality Check
  • Have your say
  • More
    • Newsbeat
    • Long Reads

NEWS

No Result
View All Result
Home Business Economy

Half of first-time buyers helped by Bank of Mum and Dad, says Savills

May 5, 2025
in Economy
4 min read
240 13
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Kevin Peachey

Cost of living correspondent

Getty Images Couple sitting on a rolled up carpet with their dog take a selfie in their new home surrounded by cardboard boxes.Getty Images

More than half of first-time buyers received financial help from their family to make house purchases last year, according to estimates by estate agency Savills.

An average of £55,572 was given in loans and gifts by the so-called bank of mum and dad to buyers, it said.

Young buyers faced relatively high mortgage rates in 2024, while also seeing the cost of renting increase.

More recently, changes to stamp duty led to a rush of new buyers before the end of March, but greater costs for anyone who missed that deadline.

More help, better deal

The annual report by Savills suggests that 52% of first-time buyers received assistance from the bank of mum and dad last year, which could also include other donors from the family.

This was a slightly lower proportion than the 57% of the previous year, but higher than every other year since 2013.

Family assistance peaked in 2009 during the fallout from the financial crisis, when 70% of first-time buyers received help, the estate agency’s figures suggest.

It estimated 173,500 first-time buyers received assistance last year, receiving a total of £9.6bn.

The findings are based on first-time buyer and average loan-to-value data, as well as how this relates to responses from various surveys about family support.

The average rate for all new two and five-year fixed mortgages last year was between 5% and 6%, figures from financial information service Moneyfacts show.

That rate would be higher for many first-time buyers unable to offer a large deposit, and much higher than a few years earlier.

Buyers facing that scenario “took advantage of greater family support to try and secure a deal at a lower mortgage rate”, according to Lucian Cook, head of residential research at Savills.

“First-time buyers are still feeling the impact of higher mortgage rates and tougher lending criteria,” he said.

Many potential first-time buyers have also faced financial strain from the rising cost of living, and particularly from the greater expense of renting, although the latter may have encouraged more to get on to the ladder more quickly.

The annual increase in rent paid to private landlords breached 9% last year, forcing many to live with their parents in their 20s and 30s.

Financial assistance varies across the country, as do house prices and average incomes.

And stamp duty, which was primarily levied on buyers in the south of England, changed in April.

First-time buyers of homes bought for more than £300,000 in England and Northern Ireland must now pay stamp duty, compared with the previous threshold of £425,000.

Data suggests that led to a surge in first-time buyer purchases ahead of the deadline.

Analysis by the Yorkshire Building Society suggests the first three months of this year saw the highest number of first-time buyer applications since the 2022 post-Covid peak.

Mr Cook, from Savills, added that the likelihood of regulators allowing lenders to loosen some of their lending criteria could also benefit first-time buyers and their families.

“[This means] lowering the barrier for entry and allowing first-time buyers to qualify for larger mortgages,” he said.

“So, although more first-time buyer activity may mean more bank of mum and dad assistance, this is likely to be at a lower average cost per first-time buyer.”



Source link

Tags: BankbuyersdadfirsttimehelpedMumSavills

Related Posts

Five takeaways from the Bank of England

May 1, 2026
0

Given events in the Middle East, it was already inevitable that domestic energy bills will rise this summer. The...

Interest rates expected to be held as uncertainty over Iran war continues

April 30, 2026
0

Future base rate changes are hard to predict as analysts judge the economic impact of the Iran war. ...

A fresh financial crisis may be coming – it won't play out like the last one

April 29, 2026
0

Several warning lights are flashing that have some wondering whether we are in the foothills of another financial crisis....

  • Australia helicopter collision: Mid-air clash wreckage covers Gold Coast

    523 shares
    Share 209 Tweet 131
  • UK inflation: Supermarkets say price rises will ease soon

    515 shares
    Share 206 Tweet 129
  • Ballyjamesduff: Man dies after hit-and-run in County Cavan

    510 shares
    Share 204 Tweet 128
  • Somalia: Rare access to its US-funded 'lightning commando brigade

    508 shares
    Share 203 Tweet 127
  • Google faces new multi-billion advertising lawsuit

    508 shares
    Share 203 Tweet 127
  • Trending
  • Comments
  • Latest

Australia helicopter collision: Mid-air clash wreckage covers Gold Coast

January 10, 2023

UK inflation: Supermarkets say price rises will ease soon

April 19, 2023

Ballyjamesduff: Man dies after hit-and-run in County Cavan

August 19, 2022

Stranger Things actor Jamie Campbell Bower praised for addiction post

0

NHS to close Tavistock child gender identity clinic

0

Cold sores traced back to kissing in Bronze Age by Cambridge research

0

BBC Inside Science – Why is Europe the fastest-warming continent?

May 1, 2026

May full Moon: When to see the ‘Flower Moon’ rise this week

May 1, 2026

F1's Alex Albon on getting ready for the Miami GP – and his 14 cats

May 1, 2026

Categories

Science

BBC Inside Science – Why is Europe the fastest-warming continent?

May 1, 2026
0

Available for 35 daysThe latest European State of the Climate report has found that Europe is once again getting...

Read more

May full Moon: When to see the ‘Flower Moon’ rise this week

May 1, 2026
News

Copyright © 2020 JBC News Powered by JOOJ.us

Explore the JBC

  • Home
  • News
  • Sport
  • Worklife
  • Travel
  • Reel
  • Future
  • More

Follow Us

  • Home Main
  • Video
  • World
  • Top News
  • Business
  • Sport
  • Tech
  • UK
  • In Pictures
  • Health
  • Reality Check
  • Science
  • Entertainment & Arts
  • Login

Copyright © 2020 JBC News Powered by JOOJ.us

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
News
More Sites

    MORE

  • Home
  • News
  • Sport
  • Worklife
  • Travel
  • Reel
  • Future
  • More
  • News

    JBC News