'Bank of mum and dad' funds property ladder moves

More homeowners getting family financial assistance, survey finds

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A fifth of homeowners who have taken their second step on the property ladder received financial help from family members or friends, a survey indicates.

The research highlights how the “bank of mum and dad” may be called upon more than once by an adult child for help with a home purchase.

While 30% of first-time homeowners said they received financial help from family and friends, this was also the case among 20% of people who had taken their second step on the property ladder, according to Barclays’ property insights report.

First-time buyers getting this additional support had received £76,239 on average, while “second steppers” had received £81,451 towards purchasing their home.

And nearly three in 10 (27%) homeowners who had financial help for their second or third homes also report receiving support for their first property.