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Bank of Mum and Dad giving first-time homebuyers an average of £19k to get on the property ladder

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dailyrecord.co.uk

helping to fund one in every two house purchases among the under-35s.Legal & General said 56 per cent of first-time buyers under the age of 35 had received financial support from parents to help them get on to the property ladder.The research found that nearly three-quarters (71%) of these new home-owners would not have been likely to buy without financial help from family or friends.Instead, they would have had to delay their housing plans by four years on average.Legal & General chief executive Nigel Wilson said: "The Bank of Mum and Dad's role in Britain's housing market is ubiquitous.

Across the UK, parents, grandparents, family and friends are digging into their pockets to help young, hopeful buyers and even growing families to make.

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