According to the latest Lloyds Bank Second Steppers report, over a third (35%) said that without financial support, they wouldn’t be able to make their next move.
Some 17% of second steppers intend to borrow from the ‘Bank of Mum and Dad’, with 9% planning to borrow from grandparents and 6% from friends.
Andy Mason, mortgage director at Lloyds Bank, said: “Parental support continues to play a vital role in helping young people to get on the property ladder.
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“However, it is clear that despite improved conditions for this part of the housing market, second steppers will still rely on the ‘Bank of Mum and Dad’, with hard-pressed parents being once again called on for financial help.”
Almost half of second steppers (47%) believe that their parents have had to make sacrifices to help them move up the property ladder and almost a quarter (23%) have put off having kids of their own until they have sold their first home.
Andy added: “Without this extra financial support, second steppers believe that they wouldn’t be able to make the next move on the property ladder for some time.”