The Gift that Keeps on Giving

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According to research by My Home Move, the Bank of Mum and Dad is not just helping their offspring put up a deposit for their first home, but are “lending” again to let them climb further up the housing ladder. It found that almost nine out of ten of all gifted deposits were used by second-steppers and middle-movers. Doug Crawfor, chief executive of My Home Move, said: “As house prices have risen by almost 18 per cent in the time frame that was analysed, it may be that people are struggling to accumulate enough equity from the home that they are in now to raise a deposit on their new property. The average property deposit is now close to £60,000, so it’s likely that the Bank of Mum and Dad are stumping up the additional funds needed to help their children into bigger properties.

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