A growing number of parents in Britain believe that the only way that their offspring are to afford their own property is through inheritance.
Parents believe that extortionate house prices and a crippling lack of affordable housing are leaving a number of young people priced out of the market, according to a new survey from housing charity group Shelter.
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Latest government figures suggest that home ownership levels for young adults have dipped dramatically during the last decade. The survey from Shelter indicated that one in six 25-34 year olds who had been successful in purchasing a home relied on inheritance money to do so. Additionally, almost one third said that they had been given money for a deposit as a gift.[1]
Campbell Robb, chief executive of Shelter, believes that it is a, ‘tragic consequence of our housing shortage that, even when they are working hard and saving what they can, a generation of young adults have no choice but to rely on the prospect of inheritance to have any hope of buying their first home.[2]
Future commitment
Mr Robb feels that the combined failure of a number of governments to plan and implement the building of secure, affordable housing has led to many youngsters facing an uncertain future. He feels that, ‘politicians should give back hope to the priced out generation by making a real and lasting commitment to building the affordable homes we desperately need.’[3]
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