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THE amount wealthy parents gift to help their children buy a home will soar to a record £9.2 billion this year, new research says.
Financial gifts from parents and grandparents to their younger family members are expected to continue to rise from £8.1bn last year, according to Legal & General.
The research lays bare the challenges facing young homebuyers looking to get on the property ladder, L&G said, particularly for those who do not have family wealth.
L&G Retail chief executive Bernie Hickman said: “This research shows that families across the generations are facing tough decisions as they try to balance the aspirations of today, with the needs of tomorrow.
“We need to look at what could help all generations achieve better financial security, enabling them to build savings and assets today, and sustain their financial adequacy through their later years too.
“Almost a quarter of families are using property wealth to help younger generations onto the property ladder, but this option isn’t available for everyone.”
