The majority of people (53%) think older family members should offer financial assistance to help their­ children or grandchildren buy their first home if they can, new research has found.

According to findings from the Building Societies Association (BSA), this compares to just 28% who don’t think they should.

The BSA’s research, based on a study of 2,094 adults, shows that the biggest barrier to homeownership is getting enough money together for the deposit. Research showed that 58% of would-be first-time buyers do not expect any financial assistance from their older relatives, while 71% of parents expect to provide some financial help to the younger generation.

Around 49% of parents said they expect to leave a bequest when they die to the younger family members, but less than one in three first-time buyers (29%) are expecting it. The BSA also reported a “mismatch” in expectations on giving and receiving a monetary gift towards buying a home, with 41% of parents expecting to do this, but only 24% of first-time buyers expecting it.

The findings also suggested that parents under the age of 60 are less inclined to provide financial support to younger members of their family, compared to parents aged over 60. This is likely to be due to the higher value of assets held by older generations, the BSA stated.

“With house prices rising considerably more than inflation and wage growth, it’s not surprising that first-time buyers find raising a deposit the most difficult aspect of getting on the property ladder and something it is hard to keep pace with,” said BSA head of mortgage and housing policy, Paul Broadhead.

“But it’s clear that many families are more willing to share their wealth and give financial help than the younger generation appreciate.

“Perhaps families should use the festive period to talk candidly to each other about their future plans and aspirations and how best to use their inter-generational wealth. It could be the best present under the tree for all.”

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