Parents gift children €1bn a year to help buy homes

Parents are gifting their children an estimated €1bn a year to purchase homes, according to a mortgage broker.

Dowling Financial claims the ‘bank of mum and dad’ is dangerously fuelling house price inflation.

Managing Director Michael Dowling says the value of some of the gifts is significant.

“I’m 30 years in this business, and while gifts have always been around the size of gifts that have been given to sons and daughters over the last 2-3 years have been really significant.

“For some who are lucky enough to be in that position it does make the difference between buying the house they want to buy and not being able to buy that property.”

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