Number of young home buyers halves in 25 years
The historically high proportion of first-time buyers relying on the "bank of Mum and Dad" is making inequality worse as home ownership becomes a "distant dream" for millions of young people, a Government advisory group has warned.
It said the trend will have damaging consequences for social mobility as young people on lower incomes are finding it almost impossible to get on the housing ladder.
The Social Mobility Commission found more than a third (34%) of first-time buyers now turn to their family for a financial gift or loan to help them buy a home, compared with one-in-five (20%) seven years ago. A further one-in-10 rely on inherited wealth.
Home ownership has fallen among 25-29 year-olds by more than half in the last 25 years, from 63% in 1990 to 31%, the report said. Commission chairman Alan Milburn said: "Owning a home is becoming a distant dream for millions of young people on low incomes who do not have the luxury of relying on the bank of Mum and Dad to give them a foot up on the housing ladder."