May
02
Parents Lending More to Get Their Kids Onto U.K. Housing Ladder
By-
Bank of Mum and Dad’s role signals broken housing market: L&G
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Buyers to receive 6.5 billion pounds of assistance this year
U.K. home buyers will receive 6.5 billion pounds ($8.4 billion) of assistance from family and friends this year, making the “Bank of Mum and Dad” equivalent in size to the country’s ninth-largest mortgage lender, according to Legal & General Group Plc.
Family financial help to get people onto the housing ladder will average 21,600 pounds this year, up from 17,500 pounds in 2016, and 42 percent of prospective homeowners will receive such assistance, L&G said in a report. Rather than reflecting parents’ generosity, the jump in family lending is a sign of Britain’s “broken” property market, the research shows…
Parents Lending More to Get Their Kids Onto U.K. Housing Ladder
