The extent to which young adults’ families now step in to help them access homeownership was initially a consequence of house price inflation. Now it is also likely a cause of it.
By the start of this year, 37 per cent of all first-time buyers had cashed in a cheque from the Bank of Mum and Dad. Good afternoon and welcome to this week’s Home Front. This won’t make me popular, but… let’s talk about why accepting financial help from your parents to buy a home is bad for the housing market, bad for the people you know who don’t come from wealth, and perhaps even bad for you in the long run, too.
Secondly, because mortgage lending was tightened in the wake of that crisis, it became harder for first-time buyers to access the credit that has helped previous generations become homeowners for the first time. The BSA has found that those first-time buyers who do manage to secure a mortgage and a home of their own were increasingly reliant on having two high incomes or receiving financial support from family.Those without family money to propel them into homeownership would be forgiven for feeling disgruntled, but there are two very good reasons why borrowing money you don’t have from your parents or grandparents to buy a home you can’t afford on your own is a bad idea.
In the wake of 2008, two kinds of buyers benefitted from ultra-low interest rates. They were cash investors and increasingly through that period, first-time buyers who had their family’s finances behind them.By the start of this year, for young adults aged 18-34 was as a couple with one or more children. By 2017, there were more young adults living with their parents than in a home of their own. That remains true today.
The policy is technical. It centres on the re-classification of low-value parts of the green belt, or what Labour are calling “grey belt”. These will be prioritised for new housebuilding and 50 per cent of the homes built on them must be affordable.
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