Purchasing power: parents buying houses for their children | News - Property News, News from the Countryside and Culture | Houses for sale, properties for sale - Country Life
Uncertainty has been gripping the British housing market for the past six months, but mothers and fathers seem unaffected. Indeed, they see 2010's relatively static prices as an investment opportunity that will benefit their children. Mike Harrison of chartered accountants Saffery Champness says that many parents with cash at hand are choosing to spend it on property now.
‘Certainly, there is a good number of people looking at the reduction in house prices as an opportunity to acquire property for the next generation in key parts of country. In the past four to six months, we've had several clients who have bought properties for when their teenage children will be in their twenties.'
Not everyone plans that far ahead, of course. Edward Sugden of buying agents Property Vision says he ‘can't quite see the logic of someone buying a country property for Johnny, who is eight', but he has noticed a modest rise in enquiries from parents looking to purchase homes in university towns.
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