The full report is available here.
It shows that:
- Young people are relying on the bank of ‘mum and dad’ to get a foot on the housing ladder. Over a third of first time buyers in England (34%) now turn to family for a financial gift or loan to help them buy their home compared to one in five (20%) seven years ago.
- In the UK, around a third of households with dependent children currently hold assets that could be used towards a deposit for the purchase of a home.
- First time buyers who receive money or a loan from their parents can buy 2.6 years earlier than those who do not. In London, this figure rises to 4.6 years.
- Our analysis projects that the number of future first time buyers will rise slightly in the short term, then fall gradually over the next 25 years. The speed and the extent of the rise and fall will be determined by the robustness of the economy.