The Legal and General reported that from its findings in 2016 the bank of mum and dad was involved in 25% of all property transactions. 57% of the under 35s received help from friends and family to buy the home they live in.
Also this week the International Longevity Centre reported that with current economic trends home buying will be older and paying off a mortgage will not occur until old age. It stated that ‘The amount of mortgage debt held by over 65s is set to increase by more than £19 billion by 2030.’
Other useful sources of discussion on trends in home ownership include:
- IFS – which in April published an article on why it pays to have rich parents! Search their website for further articles on housing, affordability and mortgages.
- UK Office for National Statistics has official graphs on home ownership trends which provides a snapshot from 1980 onwards.
- Council of Mortgage Lenders also has general monthly trends in lending to first time buyers.