UK parents are increasingly providing financial assistance to their children in purchasing homes, with the amount of financial gifts reaching £29 billion ($36.7 billion) between 2018 and 2020. This represents a significant increase compared to a decade ago, indicating a notable trend in parental support for first-time buyers.

The rise in financial assistance can be attributed to both the growing number of gifts and the larger size of these contributions. The majority of these funds are used to help young adults secure deposits, making it easier for them to become homeowners in a challenging housing market.

These findings come from a recent report by the Resolution Foundation, highlighting the important role that family support plays in the UK housing landscape.