Nearly two-thirds of first-time buyers (FTBs) since 2019 received financial support from their families.
And for homeowners who are under 30, 76% accepted help, according to our latest analysis.
Three quarters of financially supported FTBs had help from their parents - totalling a massive £58,129 on average.
The average UK first time buyer deposit is £60,100.
However all is not equal, with daughters receiving £52,000 towards their first property, while sons received £65,000, a difference of £13,000.
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On average, those who had financial support from their parents purchased their home six years earlier than those who didn't (33 years vs 39 years).
Meanwhile, those who received financial help from grandparents (often in the form of an inheritance) were able to purchase their first home aged just 30 on average - nine years sooner than those who had no help.
The most common things first time buyers receive parental help for are:
the all-important deposit (66%)
legal fees (24%)
renovation costs (20%)
Perhaps most surprisingly, over a quarter (26%) continued to receive help towards their mortgage payments too.
Financial support from the wider family
While parents are the main financial supporters when it comes to buying a first home, other family members also help out.
One in five FTBs had help from grandparents, 14% from siblings and 10% from aunts and uncles.
Among those who had help from non-parental family members (28% in total), the support added up to £68,807 on average (which may or may not have been in addition to support from parents).
Again, men were found to get more financial support than women: £4,800 on average.
Among those who received support from their family (including parents), two thirds (64%) say they expected it, mainly because 'they can afford it’ (68%).
Meanwhile, more than a quarter (26%) say it is the ‘responsibility’ of parents to help children get on the housing ladder.
Interestingly, most people who had parental help didn’t ask for it - only 21% did.
60% said their parents offered to help them when they started looking or expressed an interest, while 17% said their parents offered to help before they even considered it.
But in light relief for parents, seven in ten of those who had parental help (68%) said they plan to pay their parents back some or all of the money - although 31% say they don’t intend to.
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The pros and cons of parental support
For some, parental help comes with a few strings attached.
Half of those who were helped (50%) said their parents went on to ‘interfere’ with aspects of their home purchase.
In fact, 21% said their parents felt like they had a say in the home they bought, while 19% said their parents started interfering with how much they spent in total.
Meanwhile 1 in 7 said their parents even tried to have a say in the decorating.
Among those who said their parents did interfere, 1 in 5 (20%) even went so far as to say they ‘wished they never accepted it’.
Our survey showed parents help with more than just the deposit, for example kitting out the home and guiding their children on the home-buying journey.
Looking at everyone who purchased their first home in the past five years, 31% said their parents helped out with furniture costs, 23% with decorating costs and 21% with white goods.
When it comes to sharing their wisdom, 42% of parents also helped their children choose a home, while 34% shared mortgage advice and 31% helped with the move itself.
Over a fifth (22%) helped with viewings and 15% even had conversations on their children’s behalf - such as with estate agents.
What about those who don’t receive parental support?
Among those who didn't get parental help, there appears to be no ill-will as a result.
Nearly 8 in 10 said they simply didn’t expect any.
Just 6% said they were disappointed, while 3% that they were ‘angry’ or ‘frustrated’.
When asked about their feelings towards those who did have parental help, 40% were philosophical and said they ‘accept some people have advantages’ while 38% said they are pleased for those who get financial support. Just 6% felt it was unfair.
There are a range of schemes available to help those who do not have support to step on the property ladder - and the majority of those who did not have help (83%) were aware of at least one scheme.
For example 29% were familiar with Lifetime ISAs and 27% had heard of Shared Ownership.
Our Consumer Expert Daniel Copley, says: "The research clearly shows that getting help from parents and family is very much the default when it comes to buying a first home - the vast majority of those who bought their first home in the past five years had help.
"This shines a light on how hard it can be to go it alone and buy a home without financial backing. But even if it takes a little longer, there are many ways for people to get on the housing ladder themselves.
"Many of those in the survey were not aware of schemes such as Shared Ownership or Lifetime ISAs - as well as many others - that are designed to help people buy their first home.
"So if you’re not able to access parental help, it’s worth investigating these to see if there are other options that will help you to own your first home sooner. A good place to start is our Buying a Home guide.
"And if you do go it alone, at least you know you won’t have Mum and Dad trying to tell you which curtains to buy.”
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