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integral part of the UK housing market
Wednesday, May 30, 2018 –
5:41am
Parents are giving their children less financial assistance than
they used to as the so-called ‘Bank of Mum and Dad’ begins to feel the
economic pinch.
The Iraq War, 15 years on Nicolas Sarkozy in police custody over Gaddafi
funding probe
According to Legal & General (L&G), the average parental
contribution for first time buyers will be £18,000 this year, down
17% from last year’s £21,000.
In total, overall lending is expected to drop to £5.7bn this
year from £6.5bn in 2017.
Despite the smaller sums being loaned, L&G said the Bank of
Mum and Dad was still “a prime mover” in the UK housing market,
with one in four buyers expected to receive financial help from
family or friends.
This figure was even higher among under-35s, with three in five
getting assistance, with almost half of all buyers in London (41%)
expected to receive help from their parents.
L&G chief executive Nigel Wilson warned that even as older
people begin to feel “a bit of pinch” the volume of transactions
depending on Bank of Mum and Dad funding continues to grow.
He told the
BBC is was not “sustainable or fair” for parents and young
people to “remain so co-dependent when it comes to housing
purchases”.
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