Half of parents fear children will need inheritance to buy homes
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Version 0 of 1. Half of parents think their children will never own a home without an inheritance from them, according to YouGov research. About 49% believe their children will need money from them to buy a property, the survey commissioned by the housing charity Shelter showed. The latest government figures suggest they are right to be concerned as home ownership for young people is in decline. The proportion of homeowners aged 25-34 has dropped from 59% in 2003 to 36% in 2013-14. The findings also revealed the psychological impact of not being able to buy without support from parents, with more than one in 10 saying this made them feel inadequate or dependent on others. Nansi Maclean, 32, a senior support officer for a charity in Brighton and her fiance, Jamie Hitchman, 34, who owns a plastering business, had been renting a small flat in Brighton until their rent was increased and they could no longer afford to save. Related: Renters, first-time buyers and owners – how will the election affect you? The couple, who wish to get married and start a family, moved back in with her parents. Three years on and they are still there. Maclean said: “House prices keep going up and even though we’ve decided to buy in the cheaper town of Worthing, it’s still been impossible for us to raise the £25,000 deposit we need.” Maclean’s parents have decided to sell the family home and downsize to give their daughter her inheritance early. Maclean said: “I feel really guilty. It’s stressful for them and it makes me feel like a kid but I don’t want to be in rental hell forever. I feel like I’ve done everything right. I’ve got a good job, I’ve worked hard. And yet I still have to rely on my parents in my early 30s. It’s embarrassing.” Campbell Robb, chief executive of Shelter, blames successive governments who have failed to build enough affordable homes. This, he said, has left millions of young adults “stuck in their childhood bedrooms well into adulthood”. He said: “Rather than pumping more money into schemes like help to buy, which just push prices up, politicians should instead give back hope … by building the affordable homes we desperately need.” The shadow housing minister, Emma Reynolds, told the Guardian that “for many [relying on parents] simply isn’t an option”. She added: “For a whole generation of young people and families the aspiration of buying their own home is becoming a distant dream. The Tories have presided over the lowest levels of housebuilding in peacetime since the 1920s.” Labour plan to restore the dream of homeownership by building 200,000 homes by 2020, she said. |