The 'Bank of Mum and Dad' lends £6.3bn to home buyers

Legal & General has released their Bank Of Mum and Dad (BoMaD) research for 2019, which shows that family and friends spend on average £24,100 to help loved ones onto the housing ladder. The report shows that, amidst a reduction in transaction volumes across the UK housing market, it is predicted that BoMaD lenders will be more generous this year, as the average contribution increased by £6,000 from the average contribution last year of £18,000. The increase in ‘loan' sizes has increased total lending by 10% this year - up to £6.3bn from £5.7bn in 2018.   The research reports that the...