Half of 20-45 year olds think that Britain will become a nation of
renters within a generation while a third of parents are uneasy about their own finances because of the help their offspring now need.
According to research from Halifax and the NatCen Social Research shows, only 14% of non homeowners between 20 and 45 are actively saving for a deposit. At the same time, just 8% of parents feel that first time buyers should borrow money for a deposit - 44% have plans to contribute an average of £12,800 to help them out.
“Our research shows that young people are downbeat about their chances of owning a home, and we're also seeing the impact this has on their parents' financial future," said Stephen Noakes, Mortgage Director at Halifax. "Parents think that their kids could make cutbacks on holidays and going out in order to save for a deposit. However, parents continue to stump up a contribution or welcome their children back to the nest to allow them to save." Around 24% of parents said their children had moved back home as adults due to the current market situation.
“Our research shows that young people are downbeat about their chances of owning a home, and we're also seeing the impact this has on their parents' financial future," said Stephen Noakes, Mortgage Director at Halifax. "Parents think that their kids could make cutbacks on holidays and going out in order to save for a deposit. However, parents continue to stump up a contribution or welcome their children back to the nest to allow them to save." Around 24% of parents said their children had moved back home as adults due to the current market situation.
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