Estate agent Savills has said that the Bank of Mum and Dad will support nearly half of all first-time buyers with gifts and loans set to total £25 billion over the next three years (2022–2024).
Its analysis found that, in the three years to 2024, almost half a million first-time buyers (470,000), equating to almost one in two first-time buyers, will get financial help from a parent or other family member.
This help is likely to be needed to replace the Help-to-Buy Scheme which finishes on 31 March 2023 although the final date to reserve a Help to Buy home is 31 October 2022.
