Just over half (51%) of British parents are concerned that their children won’t be able to get onto the property ladder without financial support, according to new research by TSB.

Perhaps unsurprisingly, parents in London express the most concern (60%). Scottish parents appear to be the least concerned, although even here 43% worry about the next generation’s ability to get onto the property ladder.

While more than two thirds (69%) of first-time buyers from older generations got onto the property ladder without financial support – other than mortgages – almost half of parents (49%) today feel they will need to help their children financially as they may otherwise never be able to afford a home of their own.

Stamp duty also isn’t helping as it’s a cost that creeps up with the rise of house prices, says TSB. More than two in five (44%) of those from previous generations did not pay stamp duty when they bought their first home, yet only around one in ten (14%) of their children have been as lucky.

In fact, parents whose children are yet to buy their first home are even less optimistic: few (6%) expect their children to pay no stamp duty, and nearly one in six (16%) believe their offspring will never be able to buy their first home without parental financial support.

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