News / Economy

‘No homes for kids without parents’ help’

Tuesday, 21 April 2015 5:23 PM [ Last Update: Tuesday, 21 April 2015 5:24 PM ]

A new study shows that one in six people aged 25 to 34 who own a home used inheritance from a relative to buy property.

A new survey shows that half of British parents see no chance for their children to own a home without money from inheritance.

According to YouGov research, about 49% of Britons believe their children will need money from them to get on the property ladder.

The poll has also indicated that one in six people aged 25 to 34 who own a home used inheritance from a relative to buy property.

Just one in twenty over 55s using inheritance to buy their first home, the study shows – highlighting the uphill struggle of younger generations.

Meanwhile, the English Housing Survey reveals that home ownership among 25 to 34-year-olds has fallen sharply in recent years.

According to the study, home ownership among young adults has fallen from 59 per cent in 2003 to 36 per cent in 2013, showing that cash-strapped workers are forced to rent for longer.

Keith Pilbeam, professor of international economics and finance at City University believes house prices across the UK have hit record highs.

“ I think that the big problem is that the price of houses to the average wage are sort of a record highs historically. So, people can’t simply afford to buy houses because they have been more expensive than they are today,” Keith Pilbeam told Press TV on Tuesday.

The London-based economist blamed government policy for the housing crisis in the UK.

“The cut in the interest rates and flooded the market with money and a lot of this money has turned itself to the housing market,” Keith Pilbeam noted.

HA/HH

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