Parents spend £20bn a year supporting their adult kids
The first-time buyer burden on parents is £20.1bn according to Aldermore, which worked out the annual cost of supporting children who want to buy their first property.
More than one in five (22%) aspiring first-time buyers live with their parents and a quarter (26%) admit they will have to do so for at least another five years to save for a deposit. This situation is unlikely to get better as almost a third (31%) strongly agree that buying a home is unachievable for them at the moment (a sentiment which is consistent quarter-on-quarter).
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