UK Money News
4th February 2008
First born children more likely to be helped with deposit
Parents are more likely to help first born children with raising a deposit than their siblings, it has been revealed.
According to a study conducted by Abbey Mortgages, 17 per cent of respondents said they had received a financial contribution towards their deposit from their parents.
Meanwhile, just 12 per cent of second-born children and nine per cent of third born children had been helped in raising a deposit by their mother and father.
However, later born children who do receive a parental contribution are likely to receive a larger sum than their older brothers and sisters, the poll found.
Third borns were found to have been given an average of £9,715, while second borns got around £7,899.
First borns, however, can only expect a contribution of around £3,346.
Nici Audhlam-Gardiner, head of mortgages at Abbey, said: "Most parents tend to think they are very fair when it comes to financial gifts to their children, but what’s fair in one circumstance may not be fair in another.
"In recent years, property price growth has been so strong that even a gap of two or three years can mean a big financial difference when it comes to raising a deposit, even if the children choose to live in similar areas.
She added: "Now that house price growth is slowing, we may find that parents’ gifts to siblings even out a bit."
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