Did you know that £17 billion is gifted, or informally loaned each year, of which over half is used for property purchase or improvement!
The team at Quealy & Co recently discovered that virtually all money transfers come from parents aged over 50 to children in their late 20s and early 30s. The average gift for property purchase or improvement is over £20,000.
The age children leave home is generally between 25 and 27 years, and the average age to purchase a first property is 33. Over 22.4% of families in the UK include one or more adult children.
Research by Legal and General indicates that without the financial help of family and friends, over 70% of prospective home buyers would have to delay their property purchase plans, by an average of 4 years.
Are you a first time buyer and looking for a Kent home?
Quealy & Co are your local expert estate agent in Sittingbourne, Sheerness, Minster, Faversham, Canterbury, Rainham, Gillingham, Chatham, Rochester and Maidstone. If you need any property advice or have questions about deposits or mortgages, then do give our friendly team a call for a no-obligation chat. Call us on 01795 429836 or email firstname.lastname@example.org
Source: Dataloft, The Institute of Fiscal Studies, Legal and General, Census 2021
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