The press release from the Council of Mortgages lenders, in May 2007, said that 40% of young home-buyers get help from Bank of Mum and Dad.
Things have changed a bit. A total of 84% of first-time buyers under the age of 30 were given money from their parents towards a deposit during the last three months of 2009.
It is the highest proportion on record, according to the Council of Mortgage Lenders.
Isn't Bank Mum and Dad doing well? I do hope the Financial Services Industry understands the importance of this change in the funding of house purchasing. Dick Stroud
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