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To think a lot of people get financial help from their parents in order to get onto the property ladder?

(146 Posts)
DarlingDuck Wed 20-Jul-11 19:23:26

I often wonder about this. I know friends who are in their late 30's early 40's who have managed it themselves but everyone I know who is any younger has either been helped out financially by their parents or been bought a flat/house outright. AIBU to think the majority of people under 35 are helped out?

MrsKravitz Wed 20-Jul-11 19:24:17

I dont know anyone who has been helped out tbh

noddyholder Wed 20-Jul-11 19:25:23

No I don't either

dexter73 Wed 20-Jul-11 19:25:28

My mum and dad gave us £15,000 to help us buy a house. This was nearly 20 years ago and was 25% of the purchase price. We could have bought a house without the money but were able to get a bigger house with the money. Still living in it 20 years later!

whackamole Wed 20-Jul-11 19:27:10

I was helped out by my dad. I am eternally grateful, particularly as paying him back is sporadic at the moment as both me and OH have been made redundant in the past 3 years sad

Pandemoniaa Wed 20-Jul-11 19:27:11

Help from parents comes in more ways than a simple handout and with prices are they are currently, I cannot imagine how my dcs will buy a house until they get such money as we haven't spent before we die!

MamaLazarou Wed 20-Jul-11 19:27:11

YANBU. I can't think of a single one of my friends who has managed to buy a house all by themselves. Good for them! I don't have that sort of parents, and so we rent, but I will certainly help my son out when he is older, if I can. Parents should help their children financially if they are in a position to, IMO.

LemonDifficult Wed 20-Jul-11 19:27:36

I didn't but a lot of people do. How else could all these 20somethings be on the property ladder? It's their parents generation that f**ked the housing market so sort of fair in a way that they should have to help their children onto it.

happytourer Wed 20-Jul-11 19:28:39

If these stats are to believed, 84% of first time buyers (under the age of 30) get help from parents these days.

http://www.telegraph.co.uk/finance/personalfinance/7967974/Eight-out-of-10-first-time-buyers-get-deposit-from-parents.html

So, YANBU

DarlingDuck Wed 20-Jul-11 19:29:00

I live in the South and it is incredibly expensive here

TartyMcFarty Wed 20-Jul-11 19:29:16

We've been helped out in the sense that we've had to borrow against the equity in my DM's house. Very little choice really as we originally borrowed high LTV with Northern Rock, then couldn't sell the property without making a big loss. People are having to be inventive; it doesn't necessarily mean they're taking handouts from their parents.

MissPenteuth Wed 20-Jul-11 19:29:17

I have no idea about 'the majority', but my parents gave me some money when I bought a house, and I had a bit that I'd inherited when my grandparents died. It certainly helped.

GastonTheLadybird Wed 20-Jul-11 19:29:28

Most people I know, I'm 24, who own houses/flats have had financial assistance from parents. Actually, I can't think of anyone who has done it completely alone.

thestringcheeseincident Wed 20-Jul-11 19:29:31

Inlaws gave us about £20k. We were very fortunate.
We're already saving to help out our children when they get older and want to buy a house. God knows how expensive it will be then.

Choufleur Wed 20-Jul-11 19:29:34

Does it matter?

EldonAve Wed 20-Jul-11 19:30:11

some are, some aren't
why does it matter to you?

fluffles Wed 20-Jul-11 19:31:38

i bought my own flat at age 30 five years ago.
i don't earn much, live in edinburgh, it was very small.

DH did the same.. we sold them both and now live together.

however, i lived in london until i moved here five years ago and would never have been able to buy anywhere there.

Pandemoniaa Wed 20-Jul-11 19:31:44

Actually, I disagree that parents should help their children buy houses and don't see what's so terrible about renting. In fact, if we didn't have this obsession about house ownership in the UK, I'm inclined to think the property market wouldn't be so ludicrous either.

I'm not selfish and accept that when we first bought a house, things were very different so it was quite possible for us (at the lower rung of professional careers) to get a mortgage and find an affordable property but equally, my grown-up dcs are quite capable of sorting out their own accommodation without me giving them money I need for myself!

DarlingDuck Wed 20-Jul-11 19:32:15

Yes it does matter to me, it's something I'm curious about. That is not to say I am judging anyone at all, I am just interested.

bestfootforwards Wed 20-Jul-11 19:34:21

Everyome I kmow who's my age (30) or younger who owns property has had parental help or an inheritance.

It matters hugely, actually. It means owning a property is becoming increasingly inaccessible to people who aren't from a wealthy background.

bestfootforwards Wed 20-Jul-11 19:34:21

Everyome I kmow who's my age (30) or younger who owns property has had parental help or an inheritance.

It matters hugely, actually. It means owning a property is becoming increasingly inaccessible to people who aren't from a wealthy background.

happytourer Wed 20-Jul-11 19:35:20

From my perspective, it's interesting because it's indicative of a wider problem. If people can't afford homes on their own two feet, as a society we have problems.

ilovedora27 Wed 20-Jul-11 19:35:38

Yeah I bought when I was 18 and my parents gave me 1500 pounds which was a massive sum for me and I was very pleased for the help. I put down 6000 and the 4500 I saved myself with my waitressing money.

Goodynuff Wed 20-Jul-11 19:35:39

In my group it is split about 40/60. 40% had help, 60% did it on their own. Maybe it is just that we live in a 'traditionally economically depressed' area, but most of my friends parents simply don't have the extra money. They need it to pay for their retirements, to support grandparents who need care, or they used it to put their kids through university.
A lot of our friends have moved 400 or 500 kms away, to be able to find well paid jobs, and for a chance to own a home. We are moving 4,000 kms away for the same chance.

EggyAllenPoe Wed 20-Jul-11 19:36:49

my Dhs deposit was from his inheritance - so in a way helped by parents.

my sister and her DH got parental help..as did those friends that own houses. pretty much everyone in our age bracket had help.

my own parents bought with a loanfrom y GPs.so the same there.

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