The latest research from the housing and homelessness charity ‘Shelter’ indicates that 49% of parents in the UK think that without the financial assistance of inheritance, the dream of home ownership may never come into fruition.
Respondents echoed concerns that escalating house prices and constant decline in affordable housing is pricing their children out of the market. The poll revealed that of the 25-34 year olds who have actually managed to buy a home, nearly 17% of them had relied on inheritance money from a loved one, and 33% were gifted money for a deposit.
The true cost of lack of housing extends further than money; many people have confessed to being put off parenthood because they simply don't have a stable home of their own in which to start a family.
Chief Executive of Shelter, Campbell Robb says “No parent wants to think the only way for their children to ever own a home of their own is through losing someone they love.”
“It's a tragic consequence of our housing shortage that, even when they are working hard and saving what they can, a generation of young adults have no choice but to rely on the prospect of inheritance to have any hope of buying their first home.”
“The failure of successive governments to build anywhere near enough affordable homes is leaving millions of young adults facing a lifetime of uncertainty. Politicians should give back hope to the priced out generation by making a real and lasting commitment to building the affordable homes we desperately need.”
Shelter is currently campaigning to raise awareness amongst politicians of the desperate need for more affordable homes. You can add your name to the petition here.