More young Brits now seeking parents' help to buy

 
More young Brits now seeking parents' help to buy

Across the last few years, governmental assistance and the relatively low price of homes and affordability of mortgages meant it had become easier and easier for young people to get themselves onto the property ladder. However, the market has changed, and according to the latest findings, fewer young people are now able to get themselves a home without some sort of parental help. 

In fact, according to a newly published survey, more than half of parents believe it has become so unaffordable for young people to buy in the UK that they will need to rely on inheritance to get themselves a home. 

Home ownership levels have fallen across the course of the last few years to just over 60 per cent, and while a large chunk of this is to do with the fact that many young people now want to rent rather than buy, parents say that the lack of affordable homes across the country has made it harder for people to obtain a mortgage. 

Shelter said that in the last few years, of the people aged 25 to 34 who have managed to get themselves onto the property ladder, some one in six had relied on inheritance to be able to do so. Meanwhile, a third who had got onto the ladder said they had only been able to do so because their parents had gifted them the money for their deposit. 

Campbell Robb, chief executive of Shelter, said: "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."

With the election now just a few days away, young people across the UK will be hoping for more intervention from the new government to help get them onto the housing ladder for the first time.