Oldest child receives most help with home buying

Published: February 05, 2008

New research reveals that first-born children receive the most help when buying a property.

Abbey has published a study, showing that first-borns are far more likely to get some kind of financial help from their parents.

According to the research, 17 per cent of these children receive help with financing the purchase of their home, while only 12 per cent of second-born children get the same.

This figure falls even further, to nine per cent, for the third child.

However, it is not all bad news for younger siblings, as they tend to receive a larger sum of money if their parents choose to help.

"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," said Nici Audhlam-Gardiner from Abbey.

"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 continued.

Halifax recently revealed that house price growth in County Armagh, Northern Ireland, reached 331 per cent between 1997 and 2007.