Our latest research has found that financial help from the Bank of Mum and Dad isn’t just limited to purchasing a property; it also extends to improving the home. A fifth of homeowners (18%) say they rely on the Bank of Mum and Dad to help finance home improvements, while 19% admit that their parents physically help them to carry out DIY.
In the past, owning your own home as a young adult wasn’t the struggle it appears to be nowadays. Many older parents will remember a time when they could buy a family home for a realistic sum that was relative to local salaries, at least in comparison to today’s standards. Plentific’s findings show that 26% of homebuyers across the UK now receive financial aid from the Bank of Mum and Dad when purchasing a property. This number increases dramatically amongst younger homeowners, with 58% of respondents under 34 admitting to receiving financial help from their parents.
Whilst buying a cheaper property that needs work may seem like a good option, the number of young people receiving financial and physical help from their parents with renovations projects is quite alarming.
Unsurprisingly, London ranked top of the table (59%) when it comes to receiving financial help from the Bank of Mum and Dad when buying a property. With prices increasing in the capital, it may seem sensible to buy a more affordable property that needs fixing up. However, 48% of London homeowners admit they have also received financial aid from their parents to pay for a renovation project or home improvements.
Belfast came in second highest for homeowners receiving financial help from parents when buying a property at 30%, with Brighton and Glasgow occupying the bottom spot with just 12%. Homebuyers in Birmingham (16%), Southampton (18%) and Nottingham (19%) were the next lowest in the rankings, while those in Manchester (22%), Leeds (23%) and Bristol (25%) sat at the higher end of the table.
When looking at parents that provide financial support for home improvements, London (48%), Liverpool (31%) and Brighton (17%) topped the table. The top locations for homeowners who received physical help with DIY from their parents were London (29%), Bristol (26%) and Sheffield (22%).