Half of first-time buyers helped by Bank of Mum and Dad, says Savills

Kevin PeacheyCost of living correspondentGetty ImagesMore than half of first-time buyers received financial help from their family to make house purchases last year, according to estimates by estate agency Savills.An average of £55,572 was given in loans and gifts by the so-called bank of mum and dad to buyers, it said.Young buyers faced relatively high mortgage rates in 2024, while also seeing the cost of…