32% of second-time buyers need financial support from family to purchase

Nearly a third (32%) of second-time buyers (aka second steppers) purchasing their next home need an average of £21,231 in financial support from family and friends, research has found.

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.

“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.”

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