Irish Wedding News
09/05/2017
Almost one fifth of homeowners have admitted to relying on the Bank of Mum and Dad for home improvements, it has been revealed.
A new study from Plentific.com also found that more than a quarter of homeowners have received money from their parents in order to buy a property.
A fifth of homeowners (18%) admit they rely on the Bank of Mum and Dad to help finance home improvements, while 19% said that their parents physically help them to carry out DIY tasks. Helps from parents also extends to actually buying a home in the first place, with some 26% of homebuyers across the UK receiving financial aid from the Bank of Mum and Dad when purchasing a property. Among younger homeowners, this number increases, with 58% of respondents under the age of 34 admitting to receiving financial help from their parents.
When buying a property (with the help of parents), London topped the table (50%). The English capital was followed by Northern Ireland's capital city, Belfast. Some 30% of homeowners receive financial help from parents when buying a property, while Brighton and Glasgow occupy the bottom spot with just 12%.
When looking at parents that provide financial support for home improvements, London again topped the table (48%), with Liverpool (31%) and Brighton (17%) following. The top locations for homeowners who received physical help with DIY from their parents were London (29%), Bristol (26%) and Sheffield (22%).
Stephen Jury, spokesperson for Plentific, said: "Our statistics really highlight the struggles young people face when buying or renovating a property.
"Whilst buying a cheaper property that needs work may seem like a good option, the number of young people receiving financial and physical help from their parents with renovations projects is quite alarming."
(JP/LM)
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1 In 5 Homeowners 'Rely On Bank Of Mum And Dad'
Almost one fifth of homeowners have admitted to relying on the Bank of Mum and Dad for home improvements, it has been revealed.
A new study from Plentific.com also found that more than a quarter of homeowners have received money from their parents in order to buy a property.
A fifth of homeowners (18%) admit they rely on the Bank of Mum and Dad to help finance home improvements, while 19% said that their parents physically help them to carry out DIY tasks. Helps from parents also extends to actually buying a home in the first place, with some 26% of homebuyers across the UK receiving financial aid from the Bank of Mum and Dad when purchasing a property. Among younger homeowners, this number increases, with 58% of respondents under the age of 34 admitting to receiving financial help from their parents.
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When buying a property (with the help of parents), London topped the table (50%). The English capital was followed by Northern Ireland's capital city, Belfast. Some 30% of homeowners receive financial help from parents when buying a property, while Brighton and Glasgow occupy the bottom spot with just 12%.
When looking at parents that provide financial support for home improvements, London again topped the table (48%), with Liverpool (31%) and Brighton (17%) following. The top locations for homeowners who received physical help with DIY from their parents were London (29%), Bristol (26%) and Sheffield (22%).
Stephen Jury, spokesperson for Plentific, said: "Our statistics really highlight the struggles young people face when buying or renovating a property.
"Whilst buying a cheaper property that needs work may seem like a good option, the number of young people receiving financial and physical help from their parents with renovations projects is quite alarming."
(JP/LM)
Top stories
20/03/2020
LeToya Luckett-Walker Is Pregnant
Charlotte Crosby Finds New Romance
Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
Lin-Manuel Miranda Homeschooling Kids
Kristen Bell Speaks Of Pride For Daughters
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