Growing inequality in Britain’s property market is being exacerbated by the number of first-time buyers who rely on loans from their parents to pay for their deposits, a new study has found.
A report published by the government-backed Social Mobility Commission found the percentage of first-time buyers looking for help from the so-called “bank of mum and dad” reached an-all time high of 34%, compared to 20% in 2010.
The research, which utilised data from the University of Cambridge and Anglia Ruskin University and the English Housing Survey, also found 12% of first-time buyers used a “gift or loan” to purchase a property, while 10% used inherited wealth.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.