Many parents and grandparents want to help their children get a foot on the property ladder. But how can you support them without spoiling them and how can you do it most tax efficiently?
The property market is an intimidating place for a first-time buyer, with prices soaring and young adults struggling to scrabble together a deposit. Last year, UK parents handed £8.2bn to adult children to buy property, with those receiving support benefiting from £13,281 on average according to the Lloyds Bank Family Savings Report in January 2015.
Help from parents and grandparents â– 78 per cent of young adults now receive financial help from parents after the age of 18, up from 60 per cent in the 1980s. â– Double the number are receiving support from grandparents than 30 years ago. |