There has been much talk about how first-time buyers can get on the property ladder. The Government has introduced home ownership schemes to help more first-time buyers buy a home. But with increasing house prices, expensive rents and low salaries, saving for a deposit is difficult and impossible for some.
But new research by The House Shop, competed by YOUGOV reveals a morbid truth. Results showed that out of 2000 respondents, 21 per cent said their best chance of getting on the property ladder was by inheriting their parents’ property when they pass away.
And many others also think their only route into home ownership is through relying on family or friends.
A further 20 per cent said they could buy a home by borrowing money from family, and 17 per cent said they could buy after inheriting money when their parents pass away.
Only 10 per cent felt they could take the traditional route of saving money, and the same number felt they could use a shared ownership scheme.
At a lower scale, but still an option for some, five per cent said they could own a home by marrying a rich partner and one per cent said by buying a property overseas.
Nick Marr, co-founder of The House Shop, said: “The idea that so many young people could be relying on the death of their parents to take their first steps on to the property ladder is indeed depressing, but if the gap between wages and house prices continues to widen, it is difficult to see a viable alternative for young aspiring home owners.
“With the substantial boom in the buy-to-let market over recent years, we have ended up with a market where young professional renters are effectively funding the mortgage payments of older generations – with little prospect of the roles reversing.
“It would seem that older generations are sympathetic to the plight of young Brits desperate to own their own home, as many parents with children in their twenties today are already making plans on how they can give their kids a helping hand on to the property ladder.”
Shame, the one thing I inherited is a shiny bolder.