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Quarter of parents help kids to buy home

By Vicky Shaw

Published 03/05/2016

More than one in four people aged 55 and over in the UK have given financial help to their child or someone else to help them buy their own property, says a survey.

Some 27% of over-55s said they have done so - despite one in six (15%) of those who have helped out saying they are "not at all" financially comfortable themselves - found research by credit checking company Experian.

The findings also show how property prices have surged and the challenge to raise a deposit has got tougher in recent decades.

Three in five (60%) over-55s who have owned their own home said they paid £20,000 or less for the first property they bought - compared with an average UK house price now of around 10 times this, at around £200,000.

Clive Lawson, managing director at Experian, said: "As parents, we all want the best for our children. However, it appears that some older people could be over-stretching themselves to help others buy their own home.

"Money can be a significant cause of stress for older people, with many concerned about running out of money in retirement."

Belfast Telegraph

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