Financial help from the Bank of Mum and Dad is being used not just to buy homes, but improve them as well.
Research from Plentific.com, an online home service marketplace, has found a fifth of homeowners (18 per cent) say they rely on the Bank of Mum and Dad to help finance home improvements, while 19 per cent admit their parents physically help them to carry out DIY.
Plentific’s findings show 26 per cent of homebuyers across the UK now receive financial aid from the Bank of Mum and Dad when purchasing a property. This number increases dramatically amongst younger homeowners, with 58 per cent of respondents under 34 admitting to receiving financial help from their parents.
Unsurprisingly, London ranked top of the table (59 per cent) when it comes to receiving financial help from parents when buying a property. With prices increasing in the capital, 48 per cent of London homeowners also admit they have received financial aid from their parents to pay for a renovation project or home improvements.
Belfast came in second highest for homeowners receiving financial help from parents when buying a property at 30 per cent, with Brighton and Glasgow occupying the bottom spot with just 12 per cent. Homebuyers in Birmingham (16 per cent), Southampton (18 per cent) and Nottingham (19 per cent) were the next lowest in the rankings, while those in Manchester (22 per cent), Leeds (23 per cent) and Bristol (25 per cent) sat at the higher end of the table.
When looking at parents that provide financial support for home improvements, London (48 per cent), Liverpool (31 per cent) and Brighton (17 per cent) topped the table. The top locations for homeowners who received physical help with DIY from their parents were London (29 per cent), Bristol (26 per cent) and Sheffield (22 per cent).
|Have you ever received help or financial aid from your parents for any of the following:|
|Paying for home improvements, DIY or renovations||18%||44%||48%|
|Physically carrying out home improvements, DIY or renovations||19%||41%||44%|
|Buying your first property||21%||47%||49%|
|Buying any property||26%||58%||59%|