{"id":20041,"date":"2018-06-20T14:07:07","date_gmt":"2018-06-20T13:07:07","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20041"},"modified":"2020-07-08T15:41:54","modified_gmt":"2020-07-08T14:41:54","slug":"25-of-housing-transactions-dependent-on-bomad-equivalent-of-5-7-billion-in-mortgages-in-2018","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20041","title":{"rendered":"25% of housing transactions dependent on \u00e2\u20ac\u02dcBOMAD\u00e2\u20ac\u2122 (equivalent of \u00c2\u00a35.7 billion in mortgages in 2018)"},"content":{"rendered":"

The financial services group, Legal & General, has published new forecasts on the financial support provided to home buyers by the Bank of Mum and Dad (BOMAD), based on research by the Centre for Economics and Business Research.<\/p>\n

According to the research, the average value of parental financial support for house buying has reduced by 17% in the last year, from \u00c2\u00a322,000 to \u00c2\u00a318,000. Despite parents \u00e2\u20ac\u0153feeling the pinch\u00e2\u20ac\u009d, over one in four house buyers will receive help from friends and family in 2018.<\/p>\n

In 2018, 316,600 house purchasers will receive financial assistance from their parents. Nearly half will be Londoners, and 60% will be under the age of 35.<\/p>\n

The support will enable the purchase of property valued at \u00c2\u00a381.7 billion.<\/p>\n

Legal & General\u00e2\u20ac\u2122s group chief executive, Nigel Wilson, warned that although \u00e2\u20ac\u0153households are feeling the pinch\u00e2\u20ac\u009d the number of transactions underpinned by parents was continuing to grow. He questioned the \u00e2\u20ac\u02dcfairness\u00e2\u20ac\u2122 for parents and children to \u00e2\u20ac\u0153remain so co-dependent\u00e2\u20ac\u009d when purchasing property.<\/p>\n

The number of children being helped in 2017 effectively made parents the ninth largest lender in the UK \u00e2\u20ac\u201c similar to the level of lending from Clydesdale Bank and the Yorkshire Building Society.<\/p>\n

Currently, 63% of Britain\u00e2\u20ac\u2122s housing wealth is owned by those aged 55 or more, and property in the ownership of those aged over 85 is worth more than the housing wealth of everyone under 35.<\/p>\n

Some might consider the issue to be a problem of intergenerational inequality. If younger generations are finding it more difficult to get on the housing ladder than their parents did, but they will benefit from a more generous inheritance as a result of their parents\u00e2\u20ac\u2122 good fortune, surely \u00e2\u20ac\u02dcgifting\u00e2\u20ac\u2122 the money early could be seen as an alternative to inheritance?<\/p>\n

Perhaps, but this also suggests that the issue of where people live is increasingly influenced by their family and social background, rather than their own achievements.<\/p>\n

SH\/LCB<\/p>\n

Back to June 2018 Newsletter<\/a><\/p>\n

\u00c2\u00a9\u00c2\u00a0www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The financial services group, Legal & General, has published new forecasts on the financial support provided to home buyers by the Bank of Mum and Dad (BOMAD), based on research by the Centre for Economics and Business Research. According to the research, the average value of parental financial support for house buying has reduced by … Continue reading “25% of housing transactions dependent on \u00e2\u20ac\u02dcBOMAD\u00e2\u20ac\u2122 (equivalent of \u00c2\u00a35.7 billion in mortgages in 2018)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":22327,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[558],"class_list":["post-20041","page","type-page","status-publish","hentry"],"yoast_head":"\n25% of housing transactions dependent on \u00e2\u20ac\u02dcBOMAD\u00e2\u20ac\u2122 (equivalent of \u00c2\u00a35.7 billion in mortgages in 2018) - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20041\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"25% of housing transactions dependent on \u00e2\u20ac\u02dcBOMAD\u00e2\u20ac\u2122 (equivalent of \u00c2\u00a35.7 billion in mortgages in 2018) - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"The financial services group, Legal & General, has published new forecasts on the financial support provided to home buyers by the Bank of Mum and Dad (BOMAD), based on research by the Centre for Economics and Business Research. 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