Nearly 900,000 fewer under 45s owning their own home at a time when more and more are turning to bank of mum and dad to buy a property
Official government figures analysed by Labour show that in 2009-10 there were 4.46 million under 45s that either owned their own home outright or with a mortgage. In 2017-18 that fell to just 3.59 million. A drop of 870,000 households.
At a time when fewer young people are able to buy a property. More and more households are turning to the bank of mum and dad to help buy a house.
New analysis of the Government’s English Housing Survey shows that in 2010-11, 1.12 million households used a gift, loan or inherited money from family or friends to help finance the purchase of a home. In 2017-18 this rose to 1.78 million households. A rise of 630,000 households.
The failure to build the new homes needed has hit the hopes of local people too. In Stevenage there have been 136 homes built on average over the last five years. This compares to 370 in the year before the financial crisis.