How much did your parents give you for a deposit?

[littlepieces]

If you've bought your first home in the past 10-15 years, how much did your parents or family contribute towards your deposit? (If they did). And how much was the house? In context, I'm 35, don't own a home, can't get enough deposit together, and I'm just curious. All of my friends own now (some on their 2nd or 3rd homes) because their parents helped them get on the ladder.

Ps. There's no need to comment if you're part of the 'I bought my 4 bedroom house in 1980 for £10,000 by working hard' crowd 😄I'm sure you worked hard, and that's really great, but it's not relevant to this post. Thank you!

I only know one person who has managed to buy without help.

We had:
£32k inheritance from fiancé’s grandad
£30k gift from my parents
£20k savings of our own

We didn’t ask for the help we had, we are just incredibly fortunate that my parents decided they wanted to help out on their own.

Nothing. I don't think many of my friends did either although I suspect some have benefitted from fairly chunky inheritances given the rate they have moved up the ladder and knowing their jobs.

We are in the process of buying our first home at the moment.

We saved £60k, my parents (very graciously) gave us £30k.

Parent in laws lent 30k (which we paid back) and my husband had a 60k inheritance.

Technically nothing but I've just added up the bills I didn't have to pay while living at my parents (I moved into their home from rented with the aim of saving for our house deposit, they kindly didn't ask for rent money) and it comes to over £10k. If you factor another £10k for the amount my now husband "saved" from not having to pay rent, council tax etc etc from living with his parents that's over £20k. We did a 6% deposit in 2014, we weren't on great salaries at the time.

Nothing. I bought seven years ago at 30.

Nearly all of my peers at university and then in my career (I'm a lawyer) seem to have been given substantial amounts towards their deposits though. I'll always remember one girl who was part of my training contract intake complaining that her dad was so mean because he had 'only put a bit towards her deposit, and forced her to get a mortgage for the rest so she learnt to take responsibility'. Turned out the dad had given her £500k as a 'deposit' and her mortgage was £50k 😅

I actually don’t know many people who had help from parents to buy. At 34 years old all my friends now own houses and did so without help. We live in the south east so not a cheap area.

My husband and I had no help at all. Got married at 25, lived in spare rooms at PILs and my Sister’s for a year then saved like mad and saved for our deposit.

Surely living at home counts as help though? I certainly count it. I was lucky my family had space, the location was suitable & my family could afford it.

Zero, I saved up for 10 years and bought my first flat when I was about 32. I would never expect my parents to contribute.

It is hard if you live in an expensive area, and I’m guessing when my DS18 finishes Uni and starts work he will struggle to buy anything without some help from the bank of mum and dad.

£0. PIL don’t have any money so couldn’t help, my parents might have been able to help but I’m not exactly sure on their finances, and they didn’t offer anyway. We are the only people we know who didn’t get help from parents/receive inheritance/live rent free with parents for a long time. We used the equity from our first house to put towards our current house and it’s nice to know we paid for it all ourselves. That said I certainly wouldn’t have said no to help! 😁

Earlier than you said OP but in the days (mid 90s) when you could buy a flat for £45,000 (I know!) my dad gave me £4000.

52K. I’d rather she was alive and sitting in my front room.
But she’s not and I am eternally grateful that she left me (and my siblings) this amount each.
She’d have loved me having my own home and I thank her silently on a regular basis.
If I’m honest, I probably could not have done it otherwise.

Everyone I know who bought a house in the last 10 years had at least £20k from their parents.

Nothing

My sister and her DH bought a few year back, they borrowed £2000 which got them a better interest rate but they could have bought without that.
Neither have lived at home since university, they cut back used credit cards and cash back to boost savings.

Bought alone last year with 10% deposit that I saved for by myself. I do live in a relatively cheap area though.

I gave my daughter £10,000 about 15 years ago.

My grandparents left me £16,000 over the years in their wills and my parents gave me £40,000, as well as a lot of advice, help and support with purchasing our flat ten years ago. It was in london and we would still be renting if they hadn't. DH parents could not afford to contribute but he was and is still the biggest earner by far so I feel that my parents also gifted me financial balance when they did that.

I read the below

"New data from the mortgage technology company Twenty7Tec, exclusive to Homes & Property, has revealed that last month nearly two thirds (64.4 per cent) of all mortgages secured for home sales by first-time buyers across London involved a family gift, up from 62.5 per cent a year ago. These numbers do not include inheritance."

"In 2021 the percentage of first-time buyer home sales with family assistance rose to a seven-year high of 46 per cent with an average of £56,150, up from 43 per cent in 2020 and 39 per cent in 2019. This will rise again next year to 47 per cent in 2023, Savills forecasts."

Did you live there rent free or low rent? That is help.

My parents aren't/ weren't in a position to help out. Couldn't with uni/ wedding/ lots of other stuff parents of friends seemed to pay for. I'm expecting DS 1 soon and hope to be able to help out with a deposit when the time comes.

A friend of mine was given €200k from parents/ god parents to help buy a house. They were very lucky and know it.

£0. and it will be the same from me to my DD. I just don't have the money to give her.

we are 35 and about to buy second house. We got nothing gifted from parents although I had £5k because my dad had died and I inherited it and my oh had been able to live at home at a reduced rent so was able to save £10k. We also got first time buyers initiative of £5k towards deposit from the builders of the new build we bought. We were 24 and had been renting a year. My sister has just bought her new house and has nothing from parents and has saved about £20k somehow even when renting in London. She has been mega frugal I think. But her partner has more saved as lived at home rent free

Same. My DPs gave us £19k, our deposit was £190k, on a £750k very normal house in an “up and coming neighbourhood” (…if we’re being generous). Housing in Toronto is pure lunacy, and I don’t know anyone in my generation who owns property without some parental contribution (even if the contribution is letting their DCs live at home rent-free until they’re 30 to save up a deposit).

May dad took out a 10k loan on my behalf, which i paid back with the interest. I was lucky that he trusted me to do that

Bought in 2011. Flat was £120k and parents gave me £25k.