The role of family support in helping first-time buyers onto the property ladder has never been more crucial, with the so-called “Bank of Mum and Dad” contributing £9.4 billion across the UK in 2023 alone. In North Yorkshire, where house prices continue to rise in popular market towns and rural villages, many first-time buyers are relying on family assistance to secure deposits. With the end of the government’s “Help to Buy” scheme in 2023, young buyers have increasingly turned to parents and relatives to bridge the financial gap and make homeownership achievable.

Data indicates that 57% of first-time buyers nationwide received some form of family support last year—a trend that is mirrored in Yorkshire’s property market. This reliance is expected to continue, with an estimated 54% of new buyers needing similar help in 2024. As house prices grow steadily across the region, and with demand for homes in countryside towns like Pickering and Easingwold remaining strong, family-backed deposits are becoming a key factor in securing property deals. At Boulton & Cooper, we continue to support first-time buyers through every stage of the process, helping them navigate the complexities of the local market with expert advice and tailored solutions.