With Brits increasingly finding it hard to make bank claims through traditional sources of finance, research has shown an increase in the number of first-time buyers (FTBs) who have turned to the "bank of mum and dad".A study undertaken by the Centre for Economics and Business Research (CEBR) for HSBC found that more than 100,000 FTBs have gone for the "family financing" option in order to purchase a house between 2008 and 2011.It is thought that this has contributed to an estimated £23 billion worth of FTB house purchases over this timeframe, with 18.7 per cent of all transactions in this market over 2011 unlikely to have occurred without financial assistance from parents.Avoiding bank charges could be an incentive for many borrowers who secure money from their mother and father, with 85 per cent who got cash in this way stating that the loan was cheaper than some traditional mortgages, as well as less risky and stressful."Families' contributions have been invaluable, helping thousands to get on to the housing ladder who would have missed out otherwise," chief economist of CEBR and chief author of the report Daniel Solomon said.John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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