Grandparents have become the next port of call for first-time buyers struggling to raise a down payment and climb the property ladder.
First-time buyers account for half of all real estate sales, but find it difficult to get mortgages as almost all banks have stopped lending to people with low deposits. The Bank of Mum and Dad, meanwhile, has become less willing to hand over large sums of money due to financial pressures from the coronavirus crisis and the need to conserve their savings.
Just 13% of young people have borrowed money from family and friends in the past 12 months, up from 31% in March 2019, according to Lloyds Banking Group. Despite this, more grandparents are stepping in to