New data from Savills has revealed that The Bank of Mum and Dad continues to play a huge role in helping first time buyers get on the property ladder…but is buying your first home without family help possible?
Let’s break it down ⬇️
Over £9.6 billion gifted or loaned to first time buyers in 2024
In 2024, 173,500 first time buyers received help from their families – either as a gift or a loan. That’s an average of £55,572 each, totalling £9.6 billion across the year.
This means that more than half of people buying their first homes in 2024 had some kind of leg up from parents.
Over the last four years, The Bank of Mum and Dad has contributed a massive £38.5 billion to first time buyer deposits!
Why is this happening?
The rise in family support is being driven by:
- Higher mortgage rates
- Tougher lending criteria
- A more restrictive mortgage market
With deposits getting larger and affordability tests getting tougher, many potential homeowners are leaning on family to bridge the gap, especially in places like London where the average deposit equals 138% of income!
What if you don’t have access to The Bank of Mum and Dad?
These kinds of stats can feel disheartening if you’re buying your first home without family help. But here’s the thing: you don’t need to come from money to build a plan.
At Financielle, we help you take control of your money and your future by breaking things down into manageable and actionable steps.
If you’re saving for your first home, here’s where to start ⬇️
1️⃣ Get clear on your number
Research average house prices in the area you want to buy and work out your ideal deposit size. Don’t forget to work in fees like solicitors and surveys here too.
2️⃣ Open a Lifetime ISA (if you’re eligible)
You can save up to £4000 a year and the government gives you a 25% bonus. That’s an extra £1000 a year – no Bank of Mum and Dad required
If you’re not eligible for a Lifetime ISA or you’ve already maxed it out – a Cash ISA with Trading 212 could be a great next step to grow your savings tax-free. *When investing your capital is at risk
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3️⃣ Create your sinking fund
Automate your savings each month into a pot just for your home deposit and treat it like a non-negotiable.
4️⃣ Don’t be put off by the headlines
Yes, the property market is tough right now, but with the right strategy, you can do it.
Download the Financielle app now
Never be overwhelmed by money again.
