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Meanwhile, more than a fourth of home sales are financed by parental support, as young adults and first-time purchasers are struggling to find their way to the residential area. The largest part of the currency goes towards a contribution instead of assisting with mortgage repayment, and the overwhelming majority - 70 pieces - is used by millions under 30 years of age. 2.
"and the Bank of Mum and Dad is proof of her generousness, but it's also a symptom of our battered apartment market." Cash surrendered by the Bank of Mum and Dad increased by 23 last year to £21,600 in 2017.
As the amount of the donation increases, the overall number of homes purchased with this money will decrease in 2017 as transaction volumes generally decline as markets slow down. Mr Wilson added: "The UK is in a residential construction shortage - we are just not constructing enough homes.
Financial personal: Mortgage fraud in the big time
Mortgage; we like them and we hate them. Buildings companies and banking have been growing fast on the 470 billion pound industrial floor, but without them we would never have seen the home owning bubble that has contributed so much to improving the UK's living standards. But the lack of strict legislation to safeguard home buyers has put us at the mercy of lenders.
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