The Barclays Property Insights report showed that second-timers received £81,451 in financial support on average.
Some 30% of first-time buyers relied on their family and friends to get onto the property ladder, receiving £76,239 on average.
For many homeowners, this was not the first time they counted on the generosity of others to buy a home, as 49% of people who had financial support for their second or third home also got help for their first property.
Overall, 19% of homeowners said they got support from their family and friends.
Among those who received financial help, 39% said it was in the form of a lump sum gift from their parents. Some 27% had an inheritance, while 13% received loans from loved ones.
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The Barclays report found that renters also appreciated the benefits of familial support, as 52% said it would be “impossible” to buy a home without an inheritance or loan from family.
Property costs the biggest barrier to first-time buyers
Barclays’ research showed that 16% of renters planned to buy a home in the next year, but two-thirds said the price of property was a hurdle.
Some 59% said this created “moving goalposts” when it came to saving enough to keep up with house price growth.
The cost of a mortgage was less of an issue, as 40% of renters said it was less expensive to pay for a mortgage than it was to rent.
Homeowners looking to lower outgoings as they remortgage
Some 17% of homeowners with a mortgage said they had already refinanced this year or expected to do so next year. Over six in 10 – 62% – said they were prepared for higher monthly costs after remortgaging.
Due to this, 35% were reviewing their budgets to make savings, while 36% said they would reduce discretionary spending.
As for their new deal, 45% of those who had remortgaged or were due to wanted to keep monthly payments low and 35% wanted to secure the lowest rate possible, regardless of the lender.
However, 30% still preferred to remortgage with their existing provider.
Most consumers unfazed by the Budget
Barclays found that consumer confidence in the housing market rose from an annual low of 24% in October to 26% in November.
With the poll taking place after the Budget, Barclays found that 58% of respondents felt just as confident to buy a home as they did before.
However, 27% said their confidence was lower. Half of the respondents who planned to move in the next year said they paused their plans ahead of the Budget, but were now going forward since the announcements had been made.
Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “Our latest data highlights a market in transition. Though first-time buyers are often thought of as the main beneficiaries of the Bank of Mum and Dad, second-steppers’ reliance on family support underlines the impact of cost-of-living pressures on all sections of the market.
“Even as property prices remain a major challenge for first-time buyers, it is encouraging that improvements to affordability mean more renters are able to access the finance they need to become homeowners.”
Julien Lafargue, chief market strategist at Barclays, added: “With the Budget now published, clarity has improved, allowing economic actors to start planning ahead. For the property market, this should mean a greater level of activity as we move into the new year.
“That said, affordability remains a challenge which can be overcome through a combination of lower interest rates, greater housing availability, and financing innovation.”
