Financial gifts from parents and grandparents to their younger family members will rise again in 2024, up from £8.1bn last year, Legal & General estimated. The research lays bare the challenges facing young homebuyers looking to get on the property ladder, L&G said, particularly for those who do not have family wealth.
The majority of recent or prospective recipients of financial help said they would have to delay their home purchase without it. One in five said they would have to delay their purchase by more than five years, while one in 10 first-time buyers would not be able to buy at all.
The research was based on a survey of more than 2,500 recent homebuyers and was combined with forecasts from the Centre for Economics and Business Research (Cebr).
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