It was no surprise to us when it was reported numerous times over the last year that first time buyers were relying heavily on their parents to take that first step onto the ladder, but now there are reports that even those buying their second home are using the Bank of Mum and Dad to get them across the line.

According to a new report from Lloyds Bank, 32% of them need financial support from relatives to take their second step onto the property ladder. These buyers were either gifted or borrowed, on average, &21,131.

It was also found that roughly half of the second steppers had previously been given just over &20,000 on average from relatives to get them across the line when buying their first home, with 41% of these buyers overpaying on their mortgage to increase their equity.

The research from Lloyds Bank determined that there was a &126,000 price gap between the average home for a first time buyer and the ideal home for a second time buyer. On average, second steppers will only have &105,068 equity in their first home, leaving a gap of just over &20,000.

The response from participants showed that just over a third (35%) of potential buyers can’t afford to move and almost a quarter of them (23%) decided to delay having a family until they own their own home. It was also revealed that 13% of respondents had changed their careers in order to help with buying a second home.

Mortgage Director at Lloyds Bank, Andy Mason, spoke on the statistics from the report, he said “Parental support continues to play a vital role in helping young people to get on the property ladder. However, It is clear that despite improved conditions for this part of the housing market, second steppers will still rely on the Bank of Mum and Dad, with hard-pressed parents being once again called on for financial help.

“Without this extra financial support, second steppers believe that they wouldn’t be able to make the next move on the property ladder for some time.”