Half of Britons have researched the value of their parents’ home

Have you looked into the value of your parents’ home? Half of those polled said they have, and two-fifths believe they will rely on inheritance to purchase a property, according to an article written Myra Butterworth for the MailOnline.

Half of Britons have researched the value of their parents’ home, with two out of every five individuals banking on an inheritance to support them financially in the future and purchase their own home. Despite this, the majority have not even discussed their inheritance with their parents, according to new research.

Property inheritance

The average amount expected to be received by people whose parents possess a property is £195,687, with most of this money (£182,621) coming from property inheritance alone.

Two out of every five people rely on inheritances to help them buy their own home, according to the Daily Mail.

A Zoopla survey showed that 43 per cent of individuals with at least one property-owning parent are counting on inheritance to buy a home. However, only 30 per cent stated they had discussed how much they were likely to inherit with their parents.

Zoopla research

Zoopla conducted the study among 2,000 people who own a home in December 2022 and have at least one living parent.

The property website’s study showed many people are making ‘lofty aspirations’ with an inheritance they have not yet received. Should they receive the inheritance, 58 per cent of participants stated they expected to be able to move, remodel their property, or pay off some or all of their mortgage.

Zoopla’s research also showed that 36 per cent of respondents are renting until they inherit, at which point they will buy, putting them on the housing ladder, while 29 per cent have gone so far as to buy a home on the assumption that they will get inheritance in the future to assist pay their mortgage.

Financial advice

The biggest reason for examining the worth of their parents’ home, according to the children, was for their parents’ benefit, with 36 per cent indicating it was to provide financial advice.

However, one-third (33 per cent) acknowledge that they checked the worth to estimate their inheritance, while 27 per cent investigated out of pure curiosity.

As well as evaluating the home’s valuation, many respondents acknowledged making arrangements for the home they intend to inherit while their parents are still living there.

Property improvements

Among those expecting to inherit a property, more than half (44 per cent) have plans for how they would improve it, and, perhaps surprisingly, one in seven (14 per cent) has already begun to make changes.

Although the majority of people whose parents own a home expect to inherit it (68 per cent), less than a third (30 per cent) have asked them how much they are likely to receive.

The most common reason for not asking is that many believe it is none of their business (30 per cent), while others choose not to because it is too embarrassing (13 per cent).

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