According to the latest findings from conveyancing specialists at Fidler & Pepper Solicitors, more and more people are relying on the bank of mum and dad to help them get on the property ladder.
Like all solicitors, the firm requires purchases to show where their funds come from, including gifted deposits. Gifted deposits are when funds are loaned to a purchaser, with money often coming from parents or grandparents. For many, it is a way of getting on the property ladder without having to save up the deposit themselves.
According to Fidler & Pepper, around 15% of deposits are now gifted, a 25% increase over last year.
Matt Slade, a partner at the firm who leads the conveyancing department, said: "The property market has witnessed an increase over recent years, meaning we have had to recruit additional staff. But, it would appear that people need a helping hand to get on to the property ladder and have been given financial support from relatives."
It is significant because it shows that while budgets may be tight, people still see a future in buying their own property and are turning to relatives to help them.
