Property News · March 27, 2017

'Bank of mum and dad' making housing market more unfair, study finds


More first-time buyers than ever are using family money, exacerbating inequality, says Social Mobility CommissionThe number of first-time buyers relying on family loans from the “bank of mum and dad” to fund their deposits is exacerbating inequality and impeding social mobility, a government-backed study has warned. The Social Mobility Commission found the percentage of first-time buyers turning to family for financial help had increased from 20% in 2010 to a historic high of 34%. The report also found just one in three (31%) 25- to 29-year-olds owned a home compared with 63% of the same age group in 1990. Continue reading…

Source : theguardian.com
Read more…‘Bank of mum and dad’ making housing market more unfair, study finds

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