Over the past few years, homeownership has become less affordable for young people in the UK. Housing tenure is one of the key determinants of perceptions of social class. It is also the main way in which wealth is held and transferred through the generations. Difficulties in shifting from renting to buying can therefore be a barrier to intra-generational social mobility.
Parental support for first-time buyers can mitigate this but such support is most likely to be forthcoming from parents who already homeowners.
Responding to the call by the Social Mobility Commission (SMC) to examine the role that family support plays in young people’s access to homeownership, this report examines the patterns and impacts of parental help for their children to become homeowners and provides projections on future levels of FTB homeownership and parental help.