Bank of Mum and Dad: gifted deposits in the UK
Family help is now one of the biggest forces in the UK housing market. In 2024, about 9.6 billion pounds was gifted to roughly 173,500 first-time buyers, an average gift of about 55,572 pounds, and around 52% of first-time buyers were helped this way. This page sets out the scale of the Bank of Mum and Dad, with sources and dates.
Source: Savills, 2024 data.
| Measure | Figure | Source and date |
|---|---|---|
| Total gifted to first-time buyers (2024) | About 9.6 billion pounds | Savills, 2024 data |
| First-time buyers helped (2024) | Roughly 173,500 | Savills, 2024 data |
| Average gift | About 55,572 pounds | Savills, 2024 data |
| Share of first-time buyers receiving help | Around 52% | Savills, 2024 data |
| Typical London gift | Can exceed 100,000 pounds | Savills, 2024 data (regional note) |
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Why this matters for equity release
With around half of first-time buyers receiving family help, and gifts in London able to exceed 100,000 pounds, many parents and grandparents want to give a deposit but do not have that money sitting in cash. A large part of their wealth is held in their own home instead.
Releasing equity is one route some people use to gift a deposit during their lifetime, turning property wealth into cash they can pass on. This is a major, lifelong financial decision with costs that build up over time, and gifts can also have inheritance tax implications, so it should only be considered with qualified advice and a conversation with the wider family. The figures here describe the size of family gifting, not a recommendation to release equity.
How this is measured
The figures on this page are taken from Savills research on family financial support to home buyers, based on 2024 data. They are quoted as published and are rounded where Savills reports rounded numbers. Regional figures, such as larger London gifts, are indicative and vary year to year. These are third-party research estimates; treat them as sourced indicators rather than official statistics, and check the latest Savills release for updated numbers.