Emeritus Prof Christopher May
A reminder that while the 'Bank of Mum & Dad' seems like benign help parents can give their children, its actually one of the key mechanisms (alongside under-taxed inheritance) that maintains inequality in the UK.
Now, over 50% of first time buyers rely on their parents to help them get on the wealth escalator that is the UK's dysfunctional housing market.
On an individual level parental help is clearly understandable, on a social level its actually a problem!
Tim Ward ⭐🇪🇺🔶 #FBPE
@ChrisMayLA6 @PaniczGodek Once Upon A Time mortgages were regulated and limited to three times salary.
Guess what houses cost then? Yup, you've got it, three times salary.
Emeritus Prof Christopher May
No, you're right & that's why on the individual/family level is understandable behaviour - it points to a much larger problem in the UK housing market - the high prices (both of buying & renting) - there is not quick, easy solution, but we need to be working (as a society) to reduce the ration of house-prices to wages, or we are stuffed
Panicz Maciej Godek
@ChrisMayLA6 the alternative I see is that they don't take help from their parents, thus pumping up the pockets of landlords and bankers?
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