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That the UK housing market is in a right state when so many are having to use "bank of mum and dad"?

(6 Posts)
Creambun2 Sat 11-Nov-17 20:00:10

www.theguardian.com/money/2017/nov/11/generation-rent-property-borrowing-from-mum-and-dad-guilt

Just this really. Its all very well parents being able to give their children £100,000 but what about those without wealthy parents to help.

The housing market and situation in the UK is well and truly fucked.

Smarshian Sat 11-Nov-17 20:06:20

It is truly awful. I'm in the lucky? position of having inherited some money which DH and I put down as a deposit but I struggle to see how the average couple manage to do it without some help.

lljkk Sat 11-Nov-17 20:35:41

I dunno, I knew people who did this in the 90s/early 00s. I don't think it's as new as made out.

thecatsthecats Sat 11-Nov-17 20:49:32

It can't exclusively be a new thing, because not all parents can just snap 50-100k out of thin air. The people I know who've received money all say that their parents saved for years and years. I thought it was the norm amongst those who can afford it to save lump sums for their children.

splendide Sat 11-Nov-17 20:53:40

It’s always been a thing but it’s become more difficult (impossible?) to do without it.

I bought a flat about 10 years ago at around the same time as a few friends. We got a deposit from my parents which was amazing but loads of my mates in similar (okish) jobs to me were buying without help on 100% mortgages.

I think it’s hardsr now.

GreyOwls Sat 11-Nov-17 21:03:42

I’m late 40s and back in the 1980s, friends were getting 100%/110% mortgages to buy houses/furniture/degree/cars. Others lived at home rent-free to work & /or study and so could save for those things. Others were given ‘coming of age’ gifts of £5k £10k £20k in some cases (if parents were business owners or cashed in endowment policies etc.) so its nothing new, its just spoken about more now whereas before, nobody would dream of discussing finances as openly as they do today.

I think we’re all just more blase about credit, debt, finances.

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