Jump to content
House Price Crash Forum

Search the Community

Showing results for tags 'Fueling'.

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • House Prices
    • House prices and the economy
    • Regional House Prices
    • All about renting
    • Anecdotals
    • All about self-build
    • All about buying, selling and mortgages
    • The classics
    • Market psychology
    • Economics
    • House Price Crash photo gallery
  • Current Affairs
    • Current affairs
    • Politics
    • Living overseas
  • Investment
    • Cash ISA's and Savings Accounts
    • Investment in general
    • Financial markets
    • Overseas property investment
    • Gold and other precious metals
  • About housepricecrash.co.uk
    • housepricecrash.co.uk in the media
    • About housepricecrash.co.uk
    • Ideas and Suggestions for Admin
    • Wiki Discussions/Ideas
  • Trolls
    • Troll sub-forum
  • Off Topic
    • The off-topic forum

Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


AIM


MSN


Website URL


ICQ


Yahoo


Jabber


Skype


Location


About Me

Found 1 result

  1. http://www.bbc.co.uk/news/business-36181318 'Bank of mum and dad' lends £5bn a year in UK, says L&G Lending from parents to help their children get on the UK property ladder will amount to £5bn in 2016, according to data from Legal & General (L&G). L&G says it means the so-called Bank of Mum and Dad will help to finance 25% of all UK mortgage transactions this year - at an average amount of £17,500. If this lending prowess was combined into a formal business, it would be a top 10 UK mortgage lender, adds L&G. But it warns this method of lending is coming under increasing pressure. "The Bank of Mum and Dad plays a vital role in helping young people to take their early steps on to the housing ladder," said Legal and General chief executive Nigel Wilson. But he said it highlighted a number of important issues, including house prices being "out of sync with wages". Many of those accepting money from their parents are being given substantial sums. Dan Howdle, bought three-bedroom semi-detached a year ago in Rugeley in the West Midlands, thanks to £50,000 from his parents. "I wouldn't have had a chance of doing it without them, certainly for the next five years," Mr Howdle, who works for a broadband company, told the BBC. "Before this gift, I was expecting to be a renter for the rest of my life," he said. 'Supply side' In London, Mr Wilson said this funding method was reaching "tipping point", with more than half of average household net wealth (excluding property assets) going towards helping their offspring on to the housing ladder. Mr Wilson also said that not all young people were able to access parental support, while many who could were still unable to afford a home. He added: "We need to fix the housing market by revolutionising the supply side - if we build more houses, demand can be met at a sensible level and prices will stabilise relative to wages." Research from L&G and economics consultancy Cebr suggests the Bank of Mum and Dad will provide deposits for more than 300,000 mortgages, purchasing homes worth £77bn this year. The Bank of Mum and Dad's average financial contribution is £17,500 or 7% of the average purchase price, it says. Suprised to see this on the BBC. Just shows the lunancy of the problem. I wonder where house prices would be if BOM&D didn't bail their children out?
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.