New research has suggested that an increasing number of British parents believe that their children will never own their own home if they don’t leave them an inheritance.
The survey, which was conducted by housing charity Shelter, revealed that almost half of parents (49%) worried about their children’s ability to get on the property ladder.
Many of those surveyed blamed high house prices and a lack of affordable homes as the main reason for their concerns.
The charity stated they believed parents are right to be worried, as homeownership has “collapsed among young adults in the last decade”.
In fact, government data shows that the amount of homeowners aged 25-34 years old was only 36% last year, significantly less than 2003 (59%).
Shelter’s chief executive Campbell Robb said that it was “a tragic consequence of our housing shortage” that so many people would have to rely on inheritance to buy their first home.
He went on to say: “The failure of successive governments to build anywhere near enough affordable homes is leaving millions of young adults facing a lifetime of uncertainty”,
A similar survey carried out this year found that the majority of British parents think that leaving an inheritance for children is more important than a comfortable retirement.
Whether you’re a first time buyer needing advice about buying your first home or a parent concerned about writing a will, the experts at Peter Robinson & Co can help.
Our friendly and dedicated team can help you in all aspects of wills and probate and property law. If you would like guidance, get in touch now on 0161 678 7996.