Barclays data shows how many Brits rely on their parents to help buy a home

Barclays mortgage data shows first-time buyers are looking to low-deposit mortgages and the ‘Bank of Mum and Dad’ to secure their first homes.

New research published by Barclays Property Insights shows that in October, would-be-homeowners and renters view property prices (46%) and deposits (39%) as the biggest barriers to getting on the property ladder.

Over a fifth (22.1%) of first-time buyer purchases last month had deposits of under £20,000, up from 13.5% in the same period in 2024.

To secure a deposit, many buyers are looking for external support, including the ever-popular ‘Bank of Mum and Dad’. Just under half of renters (49%) said buying a home would be impossible without a guarantor or family-backed mortgage, rising from 42% in September.

Despite cost pressures, first-time buyers remain a significant component of the housing market, accounting for 36% of Barclays mortgages over the past 12 months.

As well as that, 60% of renters said that they would require financial incentives or homebuying support schemes to purchase a property, a significant increase from 51% in September.

“The increasing appetite for low-deposit mortgages demonstrates that getting on the property ladder remains a priority for consumers. It also highlights how industry innovation, such as family-backed mortgages and support schemes, is crucial in helping more people responsibly attain their homeownership goals,” said Jatin Patel, Head of Mortgages, Savings and Insurance at Barclays.

“Despite overall confidence in the housing market softening, the appetite for homeownership remains strong. The turbulence of the last few years has slightly shifted the consumer mindset, where property is seen less of a ‘rite of passage’, but still considered an important financial milestone for long-term stability.”

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