Bank of Mum & Dad paid out £9.6 billion in gifts and loans in 2024

Gifts and loans from the Bank of Mum and Dad totalled £9.6 billion in 2024, according to the latest analysis from property firm Savills.

According to Savills, 173,500 first-time buyers received assistance last year, receiving on average £55,572. This equates to just over half (52%) of all first-time buyers, which, although lower than the proportion that received assistance in 2023 (57%), is still higher than every other year since 2012 (53%). 

Overall, the Bank of Mum and Dad has provided £38.5 billion of assistance over the past four years. This is 71% more than the previous four years (£22.5 billion), as a result of a more stringent mortgage market and higher mortgage rates.

Lucian Cook, head of residential research at Savills, commented: “First-time buyers are still feeling the impact of higher mortgage rates and tougher lending criteria, meaning that a greater proportion have needed support to get onto the housing ladder, and those who were able to, took advantage of greater family support to try and secure a deal at a lower mortgage rate.

“Looking ahead, the first half of this year saw very high numbers of first-time buyer activity as buyers rushed to beat the changes in the stamp duty thresholds at the end of March. While we can expect this number to fall over the coming months, for this cohort of buyers, who are typically paying large amounts in rent each month, there is less incentive to wait for rates to drop. 

“Relaxation of mortgage stress tests is expected to boost borrowing by lowering the barrier for entry and allowing first-time buyers to qualify for larger mortgages. So, although more first-time buyer activity may mean more Bank of Mum and Dad assistance, this is likely to be at a lower average cost per first-time buyer."