The majority of under 35s (58%) said they expected to receive an inheritance from their parents, and a quarter (26%) expected to receive money from one or more of their grandparents too
Around 17% of UK adults aged 18 to 24 and 15% of those aged 24 to 35 are relying on inheriting money in order to get onto the property ladder as house prices are unaffordable for many, according to new research by probate lending experts Tower Street Finance.
The study, which explored attitudes to giving and receiving inheritance, found that of those aged under 35 who already owned a property, around one in 10 (11%) were relying on inheritance in order to buy a bigger home.
The majority of under 35s (58%) said they expected to receive an inheritance from their parents, and a quarter (26%) expected to receive money from one or more of their grandparents too.
Those aged 18 to 24 expected to inherit £105,000 from parents, while 25 to 34-year-olds were hoping for a larger inheritance of £175,000. On average, under 35s expected to inherit £117,000 from their grandparents.
The majority (55%) of 18 to 34-year-olds said that if they inherited a property from family in the next 12 months, they would keep it; a quarter (25%) said they would sell it.
Falling property prices may be good news for those hoping to get onto the property ladder in the coming months, but rising interest rates are set to cause mortgage misery for millions, said Dicky Davies, business development director and co-founder at Tower Street Finance. Rising living costs are leaving many with very little disposable income to put away for a deposit too.
It’s clear many young Brits are relying on receiving an inheritance to get a house deposit together or move into a bigger property, and it’s completely understandable why, he said.
Davies, however, noted that many were unaware of how long the probate process takes, and the wait they could face to get their inheritance.
