The “bank of mum and dad” is now playing a “pivotal” role in supporting second-time buyers, according to Barclays (BARC.L), which found that fifth of these “second steppers” had received help from family or friends.
“Second steppers” who have had financial help received an average £81,451, according to Barclays.
By comparison, the bank’s latest property insights report showed 30% of first-time buyers had received financial help and had been given an average £76,239. Nearly half (49%) of owners who had received financial help to buy their second or third homes also reported getting assistance with their first property purchase.
Among those who had been given financial help to buy a home, the most common forms of support were lump sum gifts from parents (39%), inheritance (27%) and loans from family or friends (13%).
In addition, just over half (52%) of renters said…
