More than 40% of deposits from first time buyers included gifts to secure their homes.
The Banking and Payments Federation estimates the total value during the first half of the year was almost €150 million.While the median deposit for a first-time buyer during the period was €52,000.Carol Tallon, CEO of Property District, says the bank of mum and dad are sometimes having to get loans themselves to help out:
"Be reminded not all of these parents have cash reserves sitting there. So we're fully aware of parents going to their local credit union or their bank and accessing loans. It is the expectation that their adult sons and daughters will be repaying those loans. So actually, this is not necessarily cash that's sitting around doing nothing."
