A fifth of homeowners (18%) say that they rely on funding from the bank of mum and dad to help finance their home improvements, while 19% admit that their parents physically help them carry out DIY, according to the latest research by online home service marketplace Plentific.com.
Although it’s well known that the bank of mum and dad is increasingly being relied upon to help buyers purchase their own homes, it now appears that once these buyers become homeowners, they still rely on their parents to fund home improvements.
In the past, owning your own home as a young adult wasn’t the struggle that it is today. 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 study found that 26% of homebuyers across the UK now receive financial aid from the bank of mum and dad when purchasing a home. This figure increases dramatically for younger homeowners, with 58% of respondents aged under 34 admitting to receiving financial help from their parents.
Unsurprisingly, London ranked top of the table (59%) for the number of homebuyers receiving financial support from the bank of mum and dad when buying a property. With house prices increasing in the capital, it may seem sensible to buy a more affordable home that needs fixing up.
However, 48% of London homeowners admit that they also receive financial help from their parents to pay for home improvements.
Belfast came in second highest for homebuyers receiving financial aid from parents when purchasing a property, at 30%, with Brighton and Glasgow taking 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 who 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%).
A spokesperson for Plentific, Stephen Jury, comments: “Our statistics really highlight the struggles young people face when buying or renovating a property. 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 renovation projects is quite alarming.”
Have you had to help your child either buy or renovate a home?