Homeowners rely on bank of mum and dad for renovations

Homeowners are using their parents to finance home purchases and improvements, new research has found.

Data from Plentific.com, an online home service marketplace, showed that a fifth of homeowners (18%) relied on the bank of mum and dad to help finance home improvements. While a further 19% admitted that their parents physically helped them to carry out DIY.

Further findings showed that 26% of home buyers across the UK now received financial aid from their parents when purchasing a property. This number increased dramatically among homeowners, as 58% of those under 34 admitted to receiving financial help from parents.

London ranked top with 59% of respondents borrowing money from mum and dad to purchase a property. A further 48% admitted to receiving financial aid from their parents to pay for a renovation or home improvements.

Belfast came in second place when borrowing money from parents to buy a property at 30%, with Brighton and Glasgow occupying the bottom spot at 12%.

Home buyers in Birmingham (16%), Southampton (18%) and Nottingham (19%) were the next lowest-ranking. While Manchester (22%), Leeds (23%) and Bristol (25%) sat at the higher end of the table.

When it came to parents providing financial aid for home improvements, London (48%), Liverpool (31%) and Brighton (17%) came in the top three.

The top locations for those receiving physical help with DIY from parents were London (29%), Bristol (26%) and Sheffield (22%).

Stephen Jury, spokesman for Plentific, said “Our statistics really highlight the struggles young people face when buying or renovating a property. While buying a cheaper property that needs work may seem like a good option, the number of young people receiving financial and physical help from their parents with renovations projects is quite alarming.”

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