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Chart: First time buyers in the UK increasingly rely on parental wealth. Share of first time buyers who received financial help from their parents by year of purchase & type pf help. Shows proportion rising from 20% in 1975 to over 50% in 2020. While paying for homes in its entirety remains a small proportion, & other financial help has grown slowly, the big leap has been in the proportion who received help with the deposit.

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Chart: First time buyers in the UK increasingly rely on parental wealth. Share of first time buyers who received financial help from their parents by year of purchase & type pf help. Shows proportion rising from 20% in 1975 to over 50% in 2020. While paying for homes in its entirety remains a small proportion, & other financial help has grown slowly, the big leap has been in the proportion who received help with the deposit.
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Emeritus Prof Christopher May (chrismayla6@zirk.us)'s status on Sunday, 01-Dec-2024 19:58:59 JST Emeritus Prof Christopher May

A reminder that while the 'Bank of Mum & Dad' seems like benign help parents can give their children, its actually one of the key mechanisms (alongside under-taxed inheritance) that maintains inequality in the UK.
Now, over 50% of first time buyers rely on their parents to help them get on the wealth escalator that is the UK's dysfunctional housing market.
On an individual level parental help is clearly understandable, on a social level its actually a problem!
#housing #inequality

In conversation about 2 months ago from zirk.us permalink