Research suggests many young people need help from parents to buy first home

Taylor Scott International News

Almost half of parents in Britain whose children haven't bought a home, think the only way they will be able to do so is with inheritance from them new research suggests. Many parents feel high house prices and a lack of affordable homes are leaving their children priced out, according to the report from housing charity Shelter. It says that the latest government figures suggest they are right to be concerned, with home ownership levels having collapsed among young adults in the last decade. With the housing shortage making it much harder for young people to get a foot on the property ladder the Shelter poll shows that of those 25 to 34 year olds who have been able to buy, one in six of them relied on inheritance money from a relative, and nearly a third were gifted money for a deposit. This follows another recent report from Shelter which found that those locked out of homeownership have less stability in their finances and careers. Whilst many are also put off parenthood because they don't have a stable home of their own. Richard is one of those currently priced out. He's 28, and has a good job, but is currently living with his parents in their semi-detached home at the opposite side of London to his workplace. 'Even though I save every penny I have and cut costs wherever I can, it never seems to be enough with today's house prices. I hate the thought that losing the people I love most in the world could be the one chance I'll have to secure my own home,’ he said. Campbell Robb, chief executive of Shelter said no parent wants to think the only way for their children to ever own a home of their own is through losing someone they love. ‘It's a tragic consequence of our housing shortage that, even when they are working hard and saving what they can, a generation of young adults have no choice but to rely on the prospect of inheritance to have any hope of buying their first home,’ he added. He believes that the failure of successive governments to build anywhere near enough affordable homes is leaving millions of young adults facing a lifetime of uncertainty. ‘Politicians should give back hope to the priced out generation by making a real and lasting commitment to building the affordable homes we desperately need,’ he added. Buying a home is simply unaffordable for many first time buyers across England, particularly in London and the south, according to a new report by a housing charity. Shelter research says that first time buyers are being placed under increased financial pressure. Analysing homes listed on property listings website Zoopla across England it found that 16.9%, or 42,185 homes, were affordable and suitable for families earning the median income of £30,748 a year. For single people looking to buy a home, only 7.5% of homes were listed at an affordable price while for… Continue reading →

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