Want your own home? Have wealthy parents

Image copyright Getty Images

The best way for young people to get their own home? Have property-owning parents.

Youngsters with parents who have property wealth are nearly three times more likely to be home owners by 30, according to the Resolution Foundation.

Its report found that parental wealth is almost as crucial as how much people earn when it comes to getting a home.

“Buying a home is almost impossible for many young people without access to the bank of mum and dad,” it said.

Recommended For You

Audioflow Commercial License

Make videos like the PRO's with the most advanced audio solution for video creators.

TigerPress Volume 5 Theme Club

Get all Tigerpress themes added each month, including the HTML versions and white label functionality, members also receive FREE updates and support, and also receive access to SaaS bonuses added monthly for one low price.

EZ Review Videos

EZ Review Videos is the new software that helps you add INSTANT CREDIBILITY to your videos!

The report put together two sets of data to come up with its conclusions: the long time series of the British Household Panel Survey (BHPS) and its successor, Understanding Society (USoc).

The research shows that in the mid-1990s and early 2000s, home ownership rates for 30-year-olds with parental property wealth were only twice that of young people whose parents did not own a home.

The gap has grown so that recent home ownership rates for 30-year-olds with parental property wealth are almost three times that of those without parental property wealth.

Young people with high levels of parental wealth benefit in other ways too – they are 74% more likely to have a degree than those without parental wealth, and typically earn at least £500 more per month.


Both of these factors increase their chances of home ownership, the Foundation – a think tank that focusing on people on lower incomes – pointed out.

Recommended For You

TigerPress Volume 10 Expansion Pack

Expansion pack includes HTML versions of the 3 themes, our local seo engine plugin version and bonuses.

Sociible Unlimited Overlay Templates

Sociible Allows You To Create FULLY-AUTOMATED Social Marketing Campaigns in MINUTES by Leveraging OTHER People's AUTHORITY Content For UNLIMITED, Hands-Free Traffic, Leads and PROFIT – in ANY Niche!

Facebook Remarketing 3.0 Success Kit PLR

Get this Up-to-date "Facebook Remarketing 3.0 Success Kit PLR" with PLR Rights and start cashing in huge by selling it as your own.

The think tank added that having a society where young people’s housing aspirations are so dependent on what their parents own is undesirable, and emphasises the need for politicians that say they want a socially mobile country to focus on wealth, not just income.

While building more homes will help, the report warned that policymakers will need to be more radical if they want to see real change, with high house prices also being driven by long term declines in interest rates.

Stephen Clarke, senior economic analyst at the Resolution Foundation, said: “Our housing crisis is so big that what your parents own is becoming as important as how much you earn when it comes to owning your own home.

“This is particularly worrying for the one in two millennials who aren’t homeowners, and whose parents also aren’t either.”

Mortgage broker Mark Harris, chief executive of SPF Private Clients, backed up the research.

“The majority of first-time buyers who come to us to get a mortgage have significant financial assistance from the bank of mum and dad,” he said.

“It’s the only way most youngsters can afford soaring property prices, both in terms of help with the deposit and also with the mortgage payments.”

Have you been able to buy a home without help from your parents? Tell us about your experiences by emailing haveyoursay@bbc.co.uk

Recommended For You

IM Checklist Volume 13: Make Money Online - Crisis Management

IM Checklist Volume 13: Make Money Online - Crisis Management - 18 Checklists in 5 Formats With PLR

Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:

Or use the form below:

Original Article : HERE ; This post was curated & posted using : RealSpecific

Thank you for taking the time to read our article.

If you enjoyed our content, we'd really appreciate some "love" with a share or two.

And ... Don't forget to have fun!

Recommended Products

Livecaster 3 Pro Monthly

Get on top of rankings and traffic with Livecaster3 Pro Version. It comes with several compelling capabilities and has absolutely no caps. Livecast on unlimited pages, profiles and YouTube channelsThis upgrade lets you Livecast multiple videos simultane

Sqribble PRIME | Hot and EXCLUSIVE Limited Edition Designs

This Private Club EXPANDS Your Sqribble Library AUTOMATICALLY With STUNNING Hand Crafted NICHE Templates. EXCLUSIVE To Prime Members ONLY!

Trafficzing Pro

Turn Any Image into Clicks

Leave a Reply