The Bank of Mum and Dad isn’t just a phenomenon in the sales market - new research shows it’s a growing trend in the lettings sector too.
Data from Legal & General and the Centre for Economics & Business Research shows the Bank of Mum and Dad will fund £2.3 billion of rental payments in 2017, paying out on average £415 each time.
Parental financial help is now key for nine per cent of renters across the UK.
Previous Legal & General/CEBR research showing the Bank of Mum and Dad will support £6.5 billion of lending to first time buyers to get on the property ladder this year means parental help will fund some £8.8 billion in 2017 helping children to either rent or buy a home.
Other findings from the research suggest that 10 per cent of renters have had parental financial assistance covering their security deposit, and five per cent have similar help for their moving costs or letting agents’ fees.
Unsurprisingly, such payments to the rental sector are highest in London and the East of England, lending £626m and £604m in these areas respectively. Parents also fund £175m of rental payments in the North West and £369m in Yorkshire and the Humber.
The cost-of-living crisis is leading to further dependence on the Bank...
We’re used to young owner-occupiers relying on the Bank of Mum...
One of the biggest investors in Britain’s burgeoning Build To Rent sector,...
The Centre for Economics and Business Research says the Bank of...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment