As anyone in their mid to late twenties knows, rarely a pub trip/brunch/dinner party can go by without the mention of house prices, mortgages or deposits. With more and more friends getting their foot on the property ladder, it’s pretty disheartening to feel like moving out of your rented flatshare and owning your own place is a distant dream.
With property prices soaring and wages stagnant, unless you have a seriously well paid job, saving for deposit and getting accepted for a mortgage feels like an impossible feat. However, somehow people everywhere seem to be doing it? Have they all signed up for a secret savings account we knew nothing about?
It can often seem awkward to ask how the managed it, but new research suggests it might all come down to accessing the bank of mum and dad.
HSBC's Beyond the Bricks study revealed that 35% of millennials turn to their parents for financial support when buying their first home. Additionally, 27% of them moved back home with family so they could save money on rent to put towards a deposit.
Similarly, 27% of millennials admitted to turning to parents when they needed money to cover the extortionate costs involved when moving.
It makes for pretty depressing reading, but their research suggests that millennials have not been dissuadeD, and the majority still hold on hope of buying their own home. In fact, the study of more than 10,000 people found that 74% of UK millennials expect to be property owners within the next five years.