A new study reports that most first-time home buyers fund their property deposits using their own savings, although many also receive help from family. Across the findings, more than three in five first-time buyers use their own money as part of a deposit. The research also says that some 53% receive assistance from relatives to pay their deposit, reflecting the role of family support in accessing home ownership.
The study estimates that first-time buyers typically save £24,261 themselves toward a deposit. Taken together, the results suggest that while “Bank of Mum and Dad” support is common, it is not universal. The figures presented focus specifically on deposit funding rather than other costs of purchasing, such as mortgage arrangements or ongoing payments. The study’s headline message is that both personal savings and family contributions are significant factors in how first-time buyers assemble the funds needed to purchase their first home.
