Parents who offer financial help children onto the housing ladder are giving an average of £58,129, according to new research by Zoopla.

It found almost two-thirds of people who purchased their first home in the past five years (63%) had financial help from family — with this figure rising to 76% for those under the age of 30. Not surprisingly, the vast majority of this support was from parents.

However, Zoopla found that daughters received on average £13,000 less help than sons. With the average amount given to help daughters to buy their first property standing at £51,671 compared to £65,004 for sons.

This parental support is in line with average UK first time buyer deposit of £60,100.

On average, those who had financial support from their parents were able to purchase their home more than six years sooner than those who did not (at 32.9 years old vs 39.2 years). Meanwhile those who received financial help from grandparents (often in the form of an inheritance) were able to purchase their first home aged just 30 on average, nine years sooner than those who had no help.

The most common things first-time buyers receive parental help for are deposit (66%), legal fees (24%) and renovation costs (20%). Over a quarter (26%) receive help towards their mortgage payments too.

While parents are the main financial supporters when it comes to people purchasing their first home, other family members help too. One in five (20%) had help from grandparents, 14% from siblings and 10% from aunts and uncles.

Amongst those who had help from non-parental family members (28% in total), the support added up to £68,807 on average (which may or may not have been in addition to support from parents). Yet again, men were found to get more financial support than women by £4,814.

Amongst those who received support from their family (including parents), two thirds (64%) say they expected it. The main reason is ‘because they can afford it’ (68%). Meanwhile over a quarter (26%) say it is the ‘responsibility’ of parents to help children get on the housing ladder.

However, most people who had parental help didn’t ask for it — only 21% did.Seven in 10 of those who had parental help (68%) say they plan to pay their parents back some or all of the money — although this means almost a third say don’t intend to.

The pros and cons of parental support ?

For some, parental help comes with a few strings attached. Half of those who received help (50%) said their parents went on to ‘interfere’ with aspects of the home purchase. Amongst them, 21% say their parents felt like they had a say in the home they bought and 19% say their parents started interfering with how much they spent in total. Around one in seven (14%) say their parents even tried to have a say in the decorating.  Amongst those who say their parents did interfere, one in five (20%) even say they ‘wished they never accepted it’.

The survey shows that parents help in many other ways beyond just the cost of the property – it is also kitting the home out and guiding their children on the home-buying journey. 

Looking at everyone who purchased their first home in the past five years, 31% say their parents helped out with furniture costs, 23% say they helped with decorating costs and 21% did with white goods.

When it comes to sharing their wisdom, 42% of parents also helped their children choose a home, 34% shared mortgage advice and 31% helped with the move itself. Over a fifth (22%) helped with viewings and 15% even had conversations on their children’s behalf – such as with estate agents.

Amongst those who did not get parental help, there appears to be no ill-will as a result. Nearly eight in ten (78%) say they simply didn’t expect any, and just six per cent say they were disappointed, and three per cent that they were ‘angry’ or ‘frustrated’. 

Zoopla consumer expert Daniel Copley says: “The research clearly shows that getting help from parents and family is very much the default when it comes to buying a first home – the vast majority of those who bought their first home in the past five years had help. This shines a light on how hard it can be to go it alone and buy one without this financial backing. But even if it takes a little longer, there are many ways for people to get on the housing ladder themselves.”