The Bank of Mum and Dad still has an important role to play for first time buyers, with almost two thirds receiving help in saving a deposit for their first property, research from Clydesdale and Yorkshire Banks has found.

The Annual First Time Buyers Research from the banks highlighted that 63% benefit from financial support when taking their first step onto the property ladder. The Bank of Mum and Dad was key for 50% of respondents with 28% receiving a loan and 22% benefitting from the gift of a deposit from their parents or another family member.

Potential homeowners in the Midlands are benefiting from the highest levels of support with 67% receiving help, closely followed by London and the South East. The lowest levels of help are in the East, however still more than half (52%) have had support in saving a deposit.

Regional Breakdown of receiving help in saving a deposit:

The largest proportion of those surveyed (30%) had received between 10 and 20% of the value of their new home with a further 37% benefitting from between 5% and 10%.

For the largest percentage (25%) of the first time buyers surveyed it took between one and two years to save a deposit, however for 18% it took between four and five years to manage to put aside the required deposit for their first property.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “This research underlines the challenges that First Time Buyers can face when trying to take their first steps onto the property ladder.

“Many people can struggle to save a deposit and our survey highlights that a significant proportion turn to family and friends for financial support.

“Clydesdale and Yorkshire Banks have continuously supported first time buyers and have now offered 95% mortgages for more than 10 years and we hope our new lower rates will also help more customers to buy their first home.”