Personal Finance

Growing inequality in Britain’s property market exacerbated by the ‘bank of mum and dad’

Growing inequality in Britain’s property market is being exacerbated by the number of first-time buyers who rely on loans from their parents to pay for their deposits, a new study has found.

A report published by the government-backed Social Mobility Commission found the percentage of first-time buyers looking for help from the so-called “bank of mum and dad” reached an-all time high of 34%, compared to 20% in 2010.

The research, which utilised data from the University of Cambridge and Anglia Ruskin University and the English Housing Survey, also found 12% of first-time buyers used a “gift or loan” to purchase a property, while 10% used inherited wealth.

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