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Study finds housing market ‘unfair’

POSTED ON 17 APRIL 2017

A government backed study by the Social Mobility Commission has found that more first-time buyers than ever are using family money to purchase property.

The percentage of first-time buyers turning to family for financial help had increased from 20% in 2010 to an all-time high of 34%. The report also found that just one in three 25-to 29-yearolds owned a home; that is compared to 63% of the same age group back in 1990.

“Owning a home is becoming a distant dream for millions of young people on low incomes who do not have the luxury of relying on the bank of mum and dad to give them a foot up on the housing ladder,” commented former Labour MP Alan Milburn, chair of the Commission.

The report, which used data from the University of Cambridge and Anglia Ruskin University, examined a series of surveys, including the English Housing Survey and the Labour Force Survey, and predicted that the proportion of first-time buyers being propped up by family will remain at about one third until 2025, but it will boom to 40% by 2029.

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