Bank of Mum and Dad helps QUARTER of home buyers on to propery ladder

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Progenitors are lending billions to help children on to the property ladder

More than £6.5BILLION see fit be lent by parents in 2017, going towards deposits for more than 298,000 mortgages, according to a communication by Legal & General.

Under-35s are the biggest recipients, as more than half of new homeowners in this unit expected to helped on to the property ladder by older relatives.

However, gloaming one in ten over 55s say they will get support from the so-called Bank of Mum and Dad, the communication said.

Prospective buyers in areas where house prices are greatest in London and the South East have traditionally received most forbear from parents.

But now even 40 per cent of those in the South West and East Midlands are also set the be supported by family.

And more than 30 per cent in Wales and the North West.

It loosely transpire b nautical tack as price rises continue to leap ahead of wage increases, preventing affordability for many workers.

Funds from older generations pleasure overall help to purchase homes worth £75billion, the report in investigate found.

Legal & General chief executive Nigel Wilson said: “The Bank of Mum and Dad prolongs to grow in importance in helping young people take their beginning steps on to the housing ladder.

“The inter-generational inequality that creates the needed for Bank of Mum and Dad funding continues to widen – younger people today don’t make the same opportunities that the Baby-Boomers had, including affordable housing, expand oned benefit pensions and free university education.

“Parents want to lift their kids get on in life, and the Bank of Mum and Dad is a testament to their generosity, but it is also a suggestive of of our broken housing market.”

He added: “We need to build more dwellings for the young, old and families alike – more quickly and cost effectively.”

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