When it comes to getting a foot on the property ladder, it seems that boys have the upper hand, thanks to the “Bank of Mum and Dad.” A recent survey has uncovered that sons receive a significantly larger chunk of financial assistance from their parents compared to daughters. The average amount gifted to sons for deposits, legal fees, or home renovations is £65,004. In contrast, daughters receive £51,671 on average—a difference of £13,333.

This financial gap was highlighted in a survey conducted by Zoopla, a popular real estate website. The survey, which focused on homeowners, found that nearly two-thirds of first-time buyers in the last five years received an average of £58,000 from their parents to help them purchase a home. This figure underscores the importance of parental support in the housing market, especially for young adults trying to buy their first property.

The survey also revealed that more than three-quarters of first-time buyers under the age of 30 had received some form of financial support from their parents. This assistance is a game-changer, as it allows those with parental help to buy a home more than six years earlier than those who don’t receive such support. Interestingly, the research found that those who also receive money from their grandparents can speed up the home-buying process by an average of nine years.

The growing reliance on parental support comes at a time when the cost of buying a home in the UK has skyrocketed. According to data from the Land Registry, the average UK house price now exceeds £287,000. For many young people, this makes purchasing a home without assistance nearly impossible.

Jane King, a mortgage advisor at Ash Ridge, shed some light on why there might be a disparity in the financial support given to sons and daughters. She noted that it’s often the parents of sons who are more eager to help, sometimes because they want their sons to move out and become independent. “Boys’ parents are often more motivated to help out, possibly because they’d like to see them ‘out of the house,'” King said. On the other hand, girls seem to be more independent and determined to move out on their own. According to King, many young women are surprised and deeply appreciative when they receive unexpected financial support from their parents.

The gender gap in financial support isn’t surprising, given the broader context of the UK’s gender savings gap. Laura Suter, director of finance at broker AJ Bell, pointed out that the gender savings gap in the UK currently stands at a staggering £1.65 trillion. “It’s sadly unsurprising that daughters receive less than sons when it comes to help with their first homes,” Suter remarked. She further explained that, throughout their lives, women tend to save up an average of £49,000—a respectable sum until it’s compared to the average man’s savings pot of £114,000.

The financial challenges faced by first-time buyers don’t end with the deposit. Higher rents have made it even more difficult to save for a down payment. In London, for example, the average rent for a one-bedroom apartment was £1,450 per month as of March. The overall average rent in the city is even higher, at £2,086, according to the Office for National Statistics. These high rents eat into potential savings, making it tougher for young people to gather the funds needed to buy a home.

However, there is a silver lining for those looking to take out a mortgage. Recent cuts in the Bank Rate by the Bank of England have led to a slight drop in mortgage rates. The Bank Rate was cut from 5.25% to 5% earlier this month, and as a result, some of the lowest mortgage rates available now hover just above 3.8%. According to Moneyfacts, the average two-year fixed residential mortgage rate is currently 5.62%, while the average five-year rate is 5.25%.

With inflation figures for this month beating expectations, there is growing optimism that further cuts to the Bank Rate could be on the horizon, potentially making mortgages even more affordable for first-time buyers.

Daniel Copley, a consumer expert at Zoopla, emphasized the critical role of parental support in the current housing market. “The research clearly shows that getting help from parents and family is very much the default when it comes to buying a first home. The vast majority of those who bought their first home in the past five years had help,” Copley said.

In conclusion, while the financial assistance from parents plays a crucial role in helping young people buy their first home, it appears that sons are receiving more help than daughters. This disparity reflects broader gender-based financial inequalities in the UK. However, with the right support, many young people can achieve their dream of owning a home much earlier than they would on their own.