Even the Bank of Mum and Dad has a gender pay gap - research

Posted on Friday, August 23, 2024

Almost two-thirds of first-time buyers have got on the property ladder using help from the Bank of Mum and Dad but there appears to be a gender bias.

Zoopla has researched the extent of family support for first time-buyers.

It found 63% of first-time buyers in the past 5 years had family help, receiving £58,129 on average from parents.

But the Bank of Mum and Dad appears to be more generous to sons, who receive an average of £65,004. Daughters get an average of £51,671. 

The analysis found the support has helped buyers get on the property ladder six year sooner, at 32 years old on average compared with 39.

Meanwhile, 68% of first-time buyers said they would pay some or all of the money back.

The research found that the parental support can also come with consequences.

Half of first-time buyers responding to the poll said parents went on to interfere with their home purchase.

A fifth said their parents felt they had a say in the home being purchased and 19% tried to interfere with how much was spent on the property.

Via @EstateAgentToday