Third of Scotland’s first time buyer purchases are influenced by mum and dad

The survey of 1,001 UK first time buyers over the past five years, highlighted the increasingly influential role of parents in the home buying process, particularly when they play an active part in helping save for a deposit.

The influence of Mum & Dad in choosing a new home for Scotland’s first time buyers is underpinned by their supporting role within the house buying process.

Three in ten (30 per cent) first time buyers in Scotland received a financial contribution from their parents towards a deposit, and one in eight (13 per cent) actually moved in with their parents to save for a deposit for their first home. That allowed buyers in Scotland to save an average of £5,725.

A third (32 per cent) of Scotland’s first time buyers said that their parents influenced the quality of the home which they bought, and nearly half (48 per cent) bought in an area which their parents approved of.

Douglas McLeod, regional managing director for Barratt Homes in Scotland, said: “The role of mum and dad in helping children get on to the housing ladder is well known, but we wanted to drill a bit deeper into how that may influence the end choice of home their children buy.

“Our research suggests that parents clearly do influence their children’s choice in home, even more so in cases where buyers have moved back home to save or have received a financial contribution to help pay for a deposit on their first home.”