Brothers and sisters help each other buy first homes

Almost a third of first-time homebuyers in Britain received financial help from family, with support from siblings doubling in the past six years. Brothers and sisters assisted in a record 11% of family-funded first-time purchases, according to research from Skipton Building Society. The decline in homeownership rates among parents has led first-time buyers to rely more on other family members for deposits. Family support allows buyers to put down larger deposits and purchase homes at a younger age. While support from parents and grandparents is slowing, parents remain the most generous, with 72% of first-time buyers who had help receiving it from their parents, providing an average gift of £15,250. This was down from 80% in 2018. Some 8% were given money by grandparents, 4% aunts or uncles and 1% a son or daughter.

The Daily Telegraph (30/08/2023)   The Guardian (30/08/2023)   The Times (30/08/2023)