Two thirds of parents would happily let their children move back home so they could save a deposit for their own property.
A survey of 1,000 parents found that 62 per cent said their children would be welcome to ‘return to the nest’ instead of ‘wasting money’ renting somewhere to live.
A generous 44 per cent of parents would hand their kids up to £10,000 for a deposit – and 20 per cent said they would stump up more than that.
The study was commissioned by mortgage broker Habito.
A survey of 1,000 parents commissioned by mortgage broker Habito found that 62 per cent would let their children ‘return to the nest’ instead of ‘wasting money’ on rent
Some 12 per cent said they would sell their own home and downsize so they could hand their children cash for a deposit on their first home.
A doting nine per cent of parents said they would even delay retirement so they could give their kids a helping hand.
And the same number said they would consider remortgaging their own home for the sake of their kids.
Despite the generosity of the majority of parents, one-fifth said they worried their children would never earn enough to get a foot on the property ladder.
The average age the parents polled bought their first house was 26 – compared with the average age now being 32.
A generous 44 per cent of parents would hand their kids up to £10,000 for a deposit – and 20 per cent said they would stump up more than that
Daniel Hegarty, co-founder of Habito, said: ‘It is tough to get your first step on the property ladder, and it’s reassuring to see sympathetic parents are willing to lend a helping hand.
‘While home buying has become much more expensive, comparative to earnings, it is also an overly complicated process and simply having someone with you who has bought a home who can support and guide you is always a big plus.’
He added: ‘The end of the year is a time for reflection and is used to discuss big financial commitments for the next year.
‘For many Britons, getting on the property ladder is a key investment into the future and understandably this is a concern for parents across the country.
‘Currently, one in four homeowners are overpaying on their mortgage, yet remortgaging from a standard variable rate to a fixed rate mortgage can save up to £4,000 per year.
‘By putting those savings away over a couple of years in an ISA could make for meaningful gift or loan to top-up a deposit.’