Many first-time buyers rely heavily on their parents for support in stepping onto the property ladder.
Research for a bank found that four in five (80%) recent first-time buyers moved back in with their parents to save money, while more than nine in 10 (96%) received some form of financial help with their deposit. Of these, over two-thirds (68%) benefited from family contributions, and nearly three-fifths (57%) were helped by friends.
The survey, commissioned by TSB and involving more than 1,000 first-time buyers over the past year, highlights the crucial role of family networks in making home ownership possible.
This is particularly true in South Asian communities, where it is common for parents to assist their children in purchasing a home, seeing it as a long-term investment in their family’s stability and future.
Asian Voice spoke to several experts on how families support first-time buyers and young adults, and the growing role of intergenerational property transfers in securing homeownership.
Pooling resources for housing dreams
Viral Patel, Founder of Custodia, said it is common for UK Asian parents to help with deposits, especially for first-time buyers in high-cost areas like London, reflecting cultural values of family support and securing the next generation’s future. “For buyers, it eases the challenge of saving while renting; for parents, it can be a smart estate-planning move, as gifts may be exempt from inheritance tax if the giver survives seven years,” he said. Structured well, this support helps children onto the property ladder while reducing the taxable value of an estate.
On the topic of housing support within the British Asian community, Kiran D Patel, Director of Albury Associates, noted that helping children onto the property ladder is “more than a financial gesture, it’s an act of love, duty, and cultural continuity,” with property often serving as “an anchor of family life” and a legacy passed down through generations. He emphasised that such support, whether through gifts, transfers, or co-ownership, is deeply rooted in values of filial piety and collective success, but also comes with the need to balance expectations and independence.
Echoing this, Cllr Smruti Patel, Cabinet member: Transformation, Epping Forest District Council, said the British Asian community has “always excelled at supporting its families,” from childcare to funding deposits for first homes. However, she warned that rising taxes, stagnant wages, global economic pressures, and AI-driven recruitment challenges are making it harder for young people to secure jobs and buy homes, leading many parents to house adult children for longer.
Anish Patel, Financial Advisor at White Lotus Wealth, said the ‘Bank of Mum and Dad’ is among the UK’s top ten lenders, with around 46% of first-time buyers receiving family help. “Nationally, contributions average over £30,000, but in the British Asian community they are often higher, reflecting traditions of pooling resources, collective responsibility, and viewing property as a cornerstone of financial security,” he said.
“With average house prices above £280,000 and deposits around £60,000, this help can mean the difference between buying now or renting for years. Many families also transfer property during their lifetimes, planning around inheritance tax to preserve wealth. This intergenerational approach enables homeownership, strengthens family unity, and upholds long-held values of securing property early,” he added.
On the tradition of supporting first-time buyers, Saleem R Sheikh, Senior Partner at Seddons GSC, said that in the British Asian community, such help is “both a cultural tradition and a practical response to today’s housing market.” Support often comes through gifted deposits, interest-free loans, or early inheritance, he noted, citing a recent case where three siblings helped their niece buy her first flat in London by transferring part of a jointly owned investment property, giving her a home near work while the family retained a stake. “Passing property in this way keeps wealth within the family, meeting immediate needs while building long-term security,” he added.
Nina Amin, UK Country Head of Indiaspora Org, agreed that rising prices make ownership “out of reach” for many first-time buyers, with research showing almost half of young buyers now receive family help, a figure even higher in British Asian families. “Home ownership is strongly encouraged, and support often extends to student loans, private education, and other major expenses,” she said, noting that with £5.5 trillion set to pass between generations in the coming decades, intergenerational wealth and property transfers will remain central to securing the next generation’s future.
