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.”
