Parents offer their sons more help to get onto the property ladder than their daughters, survey reveals

A survey commissioned by Zoopla reveals that sons receive 22.9% more towards purchasing their first home than daughters.

A new survey reveals the gender pay gap could even extend to the bank of Mum and Dad. The survey of more than 1,000 people who purchased their first home in the last five years revealed that sons receive more financial help from their families than daughters.

Nearly Two-Thirds of First-Time Buyers Received Financial Help from Family

Two-thirds of the new homeowners questioned had benefitted from financial help from their families to get onto the property ladder. The figure rose to more than three-quarters of homeowners under the age of 30. 

The average total financial support received was £58,129, which roughly aligns with the typical UK first-time buyer deposit of just over £60,000. However, while daughters received an average of £51,671 towards their first property, sons received £60,100. This represents a disparity of almost 23%.

Could Weddings Be to Blame for Filial Disparity?

Dan Copely, consumer expert at Zoopla, confessed that he was “very surprised” by the results of the survey. However, he offered an explanation that could go some way to explaining the imbalance: the costs of weddings.

Copley said: “One possible explanation is weddings. In the UK it is traditional for the bride’s family to pay, and the average cost of a UK wedding is currently around £20,000.

“While this tradition may be on the decline in modern Britain, it could, at least in part, explain the difference, especially as it is more common within some groups in multicultural Britain”.

The cost of funding a university education is also a factor that could influence how much assistance each child receives. Females are more likely to apply to university than males, something that parents often support financially. It’s certainly possible that these factors could mean that parents contributing more to a house deposit for their sons evens out their financial contribution to their future. 

The Neverending Bank of Mum and Dad

Two-thirds of first-time buyers who received financial help from their parents put the money towards the deposit. A quarter received help to cover legal costs, a fifth were helped out with renovation costs, and more than a quarter even got support with mortgage payments. 

Financial Help Comes with Strings Attached

Another interesting revelation from the survey was parents’ role after offering financial assistance. Half of the participants who received help from their parents claimed that they went on to “interfere” with different aspects of the home purchase. 

Of these people, 21% claimed their parents felt entitled to a say in the home they finally bought, while 19% said their parents tried to influence how much they spend in total. One in seven parents even tried to have a say in the decorating. Of the people who perceived their parents to “interfere” with the purchase, 20% “wished they never accepted” financial support.

Tough Outlook for People with No Parental Support

It seems that getting parental or familial help to get onto the property ladder is the default. This underlines how difficult it is for young people to go it alone. The growing difficulty of purchasing a first home is even more difficult in areas where house prices are at a premium or for single purchasers.

This is a trend that extends beyond the UK. House prices in Spain are continuing to rise, causing young people to despair at their prospects of every getting on the property ladder.

That said, various schemes do exist to assist would-be house buyers to purchase their first home. Lifetime ISAs (for UK residents) or shared ownership are two possible ways to increase your chances of getting your own place as soon as possible.