Bank Of Mum And Dad Still Vital To Housing Market
New research from Legal and General in conjunction with business consultancy Cebr, have shown that 23% of housing transactions are backed by Bank of Mum and Dad (BoMaD).
24% of borrowers are now more reliant on money from family and friends than they were before the pandemic.
This seems to be a contrast to the stance Nationwide were said to be taking at the start of last month, as they were looking to restrict the amount of money first-time buyers could use as a deposit if it had come from BoMaD.
It is thought that the total amount of money given or loaned by BoMaD will reduce this year as a result of lockdown and the Coronavirus pandemics.
Despite this, 175,000 housing transactions worth an estimated £50.3 billion is said to go ahead thanks to BoMaD this year.