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1 In 4 Middle-Class Parents Want House Prices To Fall

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http://www.silversurfertoday.co.uk/News/Story/?storyid=2157&title=1_in_4_middle-class_parents_want_house_prices_to_fall&type=news_features

More than 60% of middle-class parents believe their children (aged between 20-30) will not be able to buy their first home without financial support from them, according to a new poll.

A survey commissioned by the National Housing Federation also found that 28% of middle-class parents would like house prices to fall lower than their currently depressed levels, with 34% saying they would like house prices to remain the same.

Only 33% want house prices to increase.

The research also shows that 82% of middle class parents want the banks compelled to do more to help first-time buyers, such as reducing the large deposits now routinely required.

The poll shows that the depth of the housing crisis now gripping the country is having a direct impact on the middle classes, and the ability of middle class young adults to compete in the housing market.

The survey of 503 middle class parents, with offspring aged between 20-30, found 59% of affluent mothers and fathers believe they will have to dip into savings or retirement funds to help their children buy a new home.

The study found that 52% of middle-class parents feel there is now a social expectation that parents will provide a deposit for their children to buy a home.

According to the poll, 57% believe their eldest child will need a deposit of least £20,000 to enter the housing market.

Federation chief executive David Orr said: "The fact that 63% of middle-class first-time buyers will not be able to buy without recourse to the Bank of Mum and Dad is shocking.

"The findings of this research show that the growing housing crisis – with supply not meeting demand – is affecting people from all sections of society.

"Not only are millions of people now on waiting lists and living in overcrowded conditions, but the majority of middle-class first-time buyers cannot get a foot on the housing ladder without substantial help from their parents.

"Over the years, we simply have not built enough homes for the demand that is out there. Last year, only 113,000 new homes were built across England, which is the lowest figure since 1923.

"The Government needs to do more – at this time of widespread cuts – to protect the provision of housing.

"As the Government considers cutting public spending, ministers should avoid drastic cuts to the housebuilding budget. Our research shows a cut of 40% to the budget would slash the number of planned new affordable homes for England by 230,000 up to 2020."

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So, to summarise: the majority of middle class parents think house prices are to expensive for their children yet the majority don't want prices to fall. To them (and I appreciate not all boomers are that selfish)-shame on you!

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"The research also shows that 82% of middle class parents want the banks compelled to do more to help first-time buyers, such as reducing the large deposits now routinely required."

It's this sort of moronic thinking that got us in the mess we are in.

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"The research also shows that 82% of middle class parents want the banks compelled to do more to help first-time buyers, such as reducing the large deposits now routinely required."

It's this sort of moronic thinking that got us in the mess we are in.

how is middle class defined in the UK, Is it still based on whether peas are eaten of the back of the fork?

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This type of article supports the myth that house prices have reached a new, permanently high plateau, from which they will not fall.

We all know that the bank of mum and dad is a finite resource and if the property market stays at its current levels, we need more people buying the FTB properties. Now the BTL market has shrivelled, falls are inevitable. These inevitable falls will happen faster if parents DO NOT put their hands in their pocket to help out.

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More than 60% of middle-class parents believe their children (aged between 20-30) will not be able to buy their first home without financial support from them, according to a new poll.

...for the past seven years I have been telling my three children not to consider taking a mortgage ....leave themselves flexible and when ready.... emigrate....they have listened and are following ...... :rolleyes:

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"The research also shows that 82% of middle class parents want the banks compelled to do more to help first-time buyers, such as reducing the large deposits now routinely required."

It's this sort of moronic thinking that got us in the mess we are in.

But its a catch 22,

I know more than a few would be FTB's , who could afford a mortgage but have not got a big enough deposit. So the money they would have spent on the mortgage is going on rent. While paying this high rent they cannot save the deposit. By renting they are propping up the BTL market and keeping the housing market from falling further.

With interest rates at historic lows if they were given a mortgage with a small deposit that would stop the housing market falling further ( and yes it is how we got into this mess in the first place ) . Either way the market is proped up by the very people who cannot buy their own home , so have to stay renting and paying someone elses mortgage.

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With interest rates at historic lows if they were given a mortgage with a small deposit that would stop the housing market falling further ( and yes it is how we got into this mess in the first place ) .

...interest rates would not have to go up much and they would find their heads under water.....it's a no brainer ...not a good time even to consider buying .....only EAs , Lawyers, Surveyors and other supporting VIs want you to buy....let the prices adjust to the economic environment prevailing .... :rolleyes:

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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