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First-time buyers now need £53k from Bank of Mum and Dad

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The "Bank of Mum and Dad" is stretching its budget to help children onto the property ladder amid record house prices. Parents are expected to hand out an average of £53,205 to their children in 2022, rising to more than £54,000 next year, according to analysis by Savills. In 2019, parents gave an average of £37,000 – a third less. Contributions from the Bank of Mum and Dad are expected to total £8.3bn this year and Savills has forecast this to rise to £8.7bn next year. A survey of more than 600 parents of adult children found almost half now needed to gift more money than originally expected to help them onto the property ladder. Rising house prices and the cost of living crisis were the biggest factors cited in the survey by Generation Home, a lender for first-time buyers.

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