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If you have been dreaming of buying your first home, but can’t seem to get the cash together, don’t worry - you are not alone. One in four properties purchased this year will be financed, at least in part, with the help of parents and the so-called 'Bank of Mum and Dad'. According to research by Legal and General, parents will hand over an average of £17,500[1] per child to help with a deposit, surveying fees, legal costs and stamp duty.

“We’ve seen property prices rise in different areas up and down the country over the last few years, which can make it difficult for first time buyers to get together the deposit they need to get on the first rung of the property ladder, particularly if they are having to pay out money rent” said Adrian MacDiarmid of Barratt Homes.

“What we’re seeing is many first-time buyers having to rely on parents or grandparents to help – sometimes being given their inheritance early or using parents’ savings. The so-called Bank of Mum and Dad is assisting in providing large cash deposits as gifts.”

But are there ways around this reliance on lump sums?

[1] Source: Legal & General

House deposit