Meanwhile, more than half – 58% – of first-time buyers (FTBs) do not expect to receive any assistance from their families.
And specific to parents, 41% anticipate giving money to their children to help with a home purchase, but just 24% of FTBs expect this to happen.
“The findings also show 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,” adds the BSA.
Of the 2,094 people asked in its survey, the BSA discovered that 53% of people believe older family members should provide some sort of financial assistance to their children or grandchildren, while 28% say they should not.
The survey also found that only 21% of people believe that now is a good time to buy property. Three months ago, this read as 26%. And 30% of those asked said that now is not a good time to buy.
BSA head of mortgage and housing policy Paul Broadhead says: “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!”