How Family Support Helps First-Time Buyers in the UK

More than half of all first-time home buyers in the UK are now relying on family support for first-time home buyers in the UK – commonly referred to as the “Bank of Mum and Dad” – according to a recent report by Savills. In 2024, around 173,500 first-time buyers received an average of £55,572 in assistance. Although slightly down from 2023 (57%), this still represents 52% of all first-time buyers—one of the highest levels of family support seen in over a decade. Over the past four years, parents have contributed a staggering £38.5 billion to help their children get on the property ladder.

Why Is Family Support Increasing?

Several factors are driving the rise in family support for first-time home buyers: higher mortgage rates have made borrowing more expensive, stricter lending criteria have made it harder to qualify for a mortgage, and rising property prices—especially in cities like London—have pushed deposit requirements beyond what many can save alone. Lucian Cook, Head of Residential Research at Savills, notes: “First-time buyers are still feeling the impact of higher mortgage rates and tougher lending criteria, meaning that a greater proportion have needed support to get onto the housing ladder.”

Regional Differences in Affordability

The need for family support varies across the UK. In London, for example, the average deposit required is 138% of a first-time buyer’s income—making it nearly impossible for many to buy without help. Despite higher incomes, affordability remains a major barrier to homeownership in the capital.

Legal and Financial Changes That May Help

There are signs of improvement. The UK government has introduced initiatives like the Mortgage Charter and the Mortgage Guarantee Scheme, which aim to ease borrowing restrictions and improve access to high loan-to-value mortgages. These changes could reduce the average amount of family support needed, even if the number of buyers relying on it remains high.

Legal Guidance for First-Time Buyers and Families

Buying or selling your home will be one of the most important transactions of your life. As members of the Law Society Conveyancing Quality Scheme, our friendly and experienced team can navigate you through the process—providing clarity and support to ensure all legal requirements are met

Speak to Our Conveyancing Team Today

Whether you’re a first-time buyer receiving family help or a parent offering financial support, it’s essential to understand the legal implications. Contact us today for expert legal advice tailored to your property journey, and see why clients trust us by reading our reviews on ReviewSolicitors.