Bank of Mum and Dad Closes – Hotel of Mum and Dad Stays Open

A recent survey carried out by Taylor Wimpey shows people are living with their parents more than a decade longer than they intended to as they wait to get on the property ladder. This problem has been exacerbated by the lack of mortgage funding for first time buyers. There has previously been an increase in requests for assistance from mum and dad but the survey also shows that 65% of parents advise that they simply don’t have the spare funds to help their children with a deposit for a house with nearly a quarter admitting that they themselves are struggling to keep afloat. This is a worrying trend and again shows the need for government to take action to assist first time buyers.

Lindsay Darroch
Partner & Head of Property

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