A home not too far from home...

Young homebuyers who have used the 'bank of mum and dad' are being pressured to live near parents, says a new study.

- By VICKY SHAW

UNDER 35s are finding that the “bank of mum and dad” comes with strings attached, with some people whose parents gave them financial help to get on the property ladder saying they felt obliged to live nearby.

More than six in 10 (62%) homeowners aged under 35 who were helped by the “bank of mum and dad” to buy their property said they felt pressure to stay geographically close to their parents because of the help they received, a survey for Compare the Market found.

And two-thirds (67%) said they feel less able to push back against their parents in disagreements because of the help they received.

More than a fifth (22%) said their parents visit them more often as a direct result of the financial help they gave them, while a smaller proportion (17%) said their parents had a say in which home they chose and continued to have an influence on any significant home improvements.