Briefing 22: Most first-time house-buyers depend on the ‘Bank of Mum and Dad’

Young people now need wealthy parents if they want to own their own home

80% of first-time house buyers depend on ‘Bank of Mum and Dad’

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Explaining the data:

The main figure comes from the Council of Mortgage Lenders from Dec 2011, http://www.cml.org.uk/cml/publications/ newsandviews/104/390. The restriction to those under-30 is because at older ages people are more likely to be ‘returners’ (i.e. we are less confident that they are truly first-time buyers). 

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