Bank of Mum and Dad could fund nearly half a million home buyers

Legal & General’s annual Bank of Mum and Dad survey has found that parents unlocking the equity in the family home could help to put nearly 450,000 young people into their first property. The survey found that this year 4% of homeowners over the age of 55 were considering releasing equity from their home. The survey also suggests that releasing capital could help as many as 442,900 people to buy a home this year.

The research report in association with Cebr, has identified the size and shape of the “Bank of Mum and Dad” in the UK and shows the role parents play in helping their children financially to get on or move up the property ladder.  Here is the infographic from the report.