Zoopla has launched a property inheritance calculator to help children work out what support they could get from the Bank of Mum and Dad to help them onto the property ladder.
It comes as research from the portal found six in ten people are expecting to be able to move, upgrade their home, or pay off their mortgage with their parental property inheritance
Of those, 36% are renting until they inherit, at which point they will buy to get on the property ladder, whilst 29% have gone as far as to purchase a home on the basis they will be receiving inheritance in the future to help pay their mortgage.
The research found that 50% of British adults whose parents own a property admit they have checked the value of their parents’ property.
Despite basing their future financial security on their inheritance, only 30% say they have actually spoken with their parents about how much they are likely to inherit. Among Brits whose parents own a property, the average amount they expect to receive is £195,687, with the majority or £182,621 coming from property inheritance alone.
Respondents claimed the primary reason for checking the value of their parents’ home was for their parents’ benefit, with 36% saying it was to provide financial advice.
A third admit the reason they checked the value was to get an estimate of their inheritance, and 27% check out of pure curiosity.
Beyond checking the value of the home, many even admit to making plans for the home they expect to inherit whilst their parents still live there.
Amongst those expecting to inherit a home, 44% have designs on how they would change it and one in seven have already started to make changes, Zoopla said.
The portal said discussing an inheritance is seen as a taboo subject.
Despite the fact most Brits whose parents own a home are expecting to inherit it, just 30% have asked them how much they are likely to receive.
The primary reason Brits give for not asking is they believe it is not any of their business or too awkward.
Zoopla’s new property inheritance calculator aims to feed this curiosity, giving users an idea of what they could receive, based on future home value.
This is based on the actual estimated value of their parents' home, as well as other factors such as how many siblings they have.
Daniel Copley, consumer expert at Zoopla, said: “With house value data now easily available to access online, it’s interesting to see that so many are using this, not just to get an idea of what their own home may be worth, but to get an idea of the sort of amount they may get in terms of parental inheritance in the future.
“Whilst some may consider this a little cheeky, it’s actually really important to have an idea of what may be coming your way in future, so you can plan financially for the long-term, especially with regards to property decisions.”
He added that the best advice is to have an open and honest conversation with parents about an inheritance but the calculator could help those who are curious.