The number of first-time buyers relying on the "bank
of mum and dad" for financial help has hit a record high, according to new
research. Analysis for the Social Mobility Commission suggests that more than a
third of homebuyers in England depend on money from their family. Using the
latest official data available, from 2013-14, researchers found 34% of buyers
needed cash or a loan from their parents. That compared with just 20% in
2010/11. A further 10% of buyers relied on inherited wealth, the research
found. Read more on the BBC website.
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