Nearly half of parents who believe their children want to become homeowners say they are willing to lend them a ‘financial hand', says the Joseph Rowntree Foundation.
According to a survey conducted by MORI on behalf of the independent social policy research and development charity , 47% say they would be able and willing to offer financial help to their offspring so they can get a foot on the property ladder.
Out of these, most say they will give their children money as a gift rather than a loan, the JRF says.
Some 85% of parents with a daughter or a son who has not yet bought their own home believe it is likely their child will want to purchase a home within the next 10 years, the survey reveals.
Parents wishing to help their children would on average contribute about £17,000 of their own money. This figure varies depending on where in Britain they are living, with the northern parts of the country having an average of £7,000 – less than one-third of the £23,000 average in the south.
The survey also suggests the majority of parents (52%) do not believe their children will be able to purchase a property without their help.
Many parents who own their own homes are “ambivalent” in their attitudes to higher house prices, the JRF says.
On one hand they are pleased the value of their property has grown, but on the other hand they are concern it will become increasingly difficult for their children to buy their own home.IFAonline
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First mentioned in Cridland Report