Property News · June 1, 2017

Britain needs a bank of mum and dad for all to combat inequality | Paul Sanderson


A ‘help to save’ plan for tenants who lack access to family money could level the home ownership playing fieldMy parents married, obtained a mortgage and bought their first home in the 1950s. For several years prior to that, they had saved almost every spare penny towards a deposit in the hope that they could beg the building society to grant them a mortgage. I can only imagine their pride as they stood in their own home for the first time, having joined the other 30% of the UK population who were home owners at that time. Fast forward to the 1980s, and with a little help from my family, I joined the by then almost 60% of the population who owned their own home.Why did I need financial help at a time when real incomes had risen and mortgages were more freely available? Essentially, increase in demand was outstripping increase in supply. The postwar construction boom had peaked in 1968 at 425,830 new dwellings, and housebuilding was on a downward trajectory. House prices were rising fast. But I was lucky. My family could indeed help me. Continue reading…

Source : theguardian.com
Read more…Britain needs a bank of mum and dad for all to combat inequality | Paul Sanderson

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