Bank Of Mum And Dad Still Vital To Housing Market

Bank Of Mum And Dad Still Vital To Housing Market

Picture of Jennifer van Deursen
Jennifer van Deursen

New research from Legal and General in conjunction with business consultancy Cebr, have shown that 23% of housing transactions are backed by Bank of Mum and Dad (BoMaD). 

24% of borrowers are now more reliant on money from family and friends than they were before the pandemic.

This seems to be a contrast to the stance Nationwide were said to be taking at the start of last month, as they were looking to restrict the amount of money first-time buyers could use as a deposit if it had come from BoMaD.

It is thought that the total amount of money given or loaned by BoMaD will reduce this year as a result of lockdown and the Coronavirus pandemics.

Despite this, 175,000 housing transactions worth an estimated £50.3 billion is said to go ahead thanks to BoMaD this year.

 

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