Bank of mum and dad used by 27% of first-time buyers

The number of first-time home buyers relying on the bank of mum and dad in England has risen sharply, according to official figures.

The government's housing survey shows that last year 27% of such buyers relied on friends or family for help with a deposit.

20 years ago, the figure was 21%.

More people are using inherited money for their first purchase, more are teaming up with a partner, and their average age is rising too.

The total number of people buying has also fallen by a third in the last ten years, despite government programmes like Help to Buy.

In 2014/15 there were 564,000 purchases by first-time buyers, down from 815,000 in 2004/05, and 857,000 in 1994/95...

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