The number of first-time home buyers reportedly hit a 20-year peak in 2021. But how, one might be
wondering, are people managing to buy when house prices continue to hit record highs? In a survey of 2,002 adults carried out in March 2022, it was found that just 41 per cent of home buyers say they did not receive any help from their parents. It also highlights how reliant younger generations are on family wealth in order to get on the property ladder.
Among those aged 45-54, more than 75 per cent say they did not receive family help when buying their first home. In recent years the Conservatives have devoted much time, energy and money to increasing the number of first-time buyers. That was, after all, the sole intention of George Osborne’s Help to Buy scheme. However, with house prices still going up, it looks like family wealth is still a key factor in home ownership. This data suggests that those who do escape the rent trap are often being supported by family members.
Looks like life is getting harder for those who have the least in Britain’s housing market right now.
However, if one can get a deposit together to buy a place of your own it seems like things might be on the up, sort of. One thing is sure that buying a home is becoming no more affordable or realistic without family help. If prices continue to rise, this will only further divide younger generations into two camps: those with wealthy parents and those without.
