According to Legal and General Ignite, searches on behalf of borrowers using gifted equity or making a concessionary purchase increased by 75 per cent in August, and searches for those using gifted deposits also climbed by 35 per cent.
The firm said that this was not surprising as research showed that 77 per cent of buyers receiving family assistance at least a portion of funding towards a deposit.
Guarantor and family assist searches grew by 15 per cent in August and enquiries for shared ownership increased by 11 per cent in August.
Broker searches on behalf of portfolio landlords have grown by nearly a quarter from July to August as buy-to-let investors looking to grow their business.
Searches for landlord or vendor-gifted equity jumped by 18 per cent in August and enquiries for holiday let and Airbnb rose by nearly a quarter during the same period.
Looking at overseas demand and specialist lending, visa is the most popular search and enquiries for expats and overseas customers have gone up by 17 and 21 per cent.
Broker searches for discounted market sale jumped by 69 per cent in August.
Gifting dominates criteria searches
Jodie White, head of mortgage products and transformation at Legal and General Technology, said: “Family gifting has been a common element of the homebuying process for some time now, and our data continues to tell this story, alongside Legal and General’s own ‘Bank of Family’ research.
“Criteria searches for gifted deposits, gifted equity, and more, continue to dominate our Ignite results, further highlighting the prominent role that family contributions play in supporting the UK’s housing system.”
She added: “At the same time, it’s clear that buyers are also relying on specialist products and alternative schemes that make it more achievable to get on the housing ladder amid the ongoing cost-of-living crisis.
“During what is continuing to be a financially challenging period for many, it’s critical that advisers adopt innovative technologies to effectively handle the demand for advice across a wide range of sectors. Advice is critical right now, and advisers have a key role to play in helping buyers access a comprehensive range of options that aligns with their financial needs.”
