A survey in Britain shows almost two-thirds of first-time homebuyers are turning to their parents for financial help, underscoring concerns about the booming housing market.
With house prices rising at about 10 percent a year and lending criteria tightening since the 2008 financial crisis, banks are demanding buyers pay more of the purchase price up front to qualify to loans, prompting many to ask their parents for money.
A survey of 20 to 45 year-olds by Halifax showed 63 percent who had bought a property had received help from their parents.
House prices outside London have not recovered their pre-crisis levels, but the rapid rise is causing concern among some policymakers at the Bank of England, who may take cautious steps to cool the market as early as next month.
