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Menu
  • Home
  • About Us
    • Meet The Team
    • Accreditations & Associations
  • Our Services
    • Agricultural Law and Rural Business
    • Residential Property
    • Commercial Property
    • Wills, Probate & Trusts
  • Latest News
  • Resources
  • Recruitment
  • Contact
  • Fees & Services Guide
    • Terms of Business
    • Price & Services Notice – Probate Estate Admin Range of Costs
    • Price & Services Notice – Probate Fixed Fee
    • Price & Services Notice – Purchase of Leasehold Property
    • Price & Services Notice – Purchase of Freehold Property
    • Complaints Policy

Bank of Mum and Dad

  • February 6, 2020
  • Article
Bank of Mum and Dad at Arnold Thomson Solicitors

I have been giving serious thoughts to how my 2 teenage children will fare in their future attempts to get on the first rung of the housing ladder. Whilst I obviously love my children greatly, becoming an “empty nester” is not without considerable appeal. According to a recent report by the Resolution Foundation, I may however have much longer to wait. Apparently 40% of “millennials” – those born between 1980 and 1996 – live in rented accommodation by the age of 30, twice as many as “generation X” – those born between 1965 and 1980. The report concluded that up to a third of millennials face renting their entire life and/or remaining at home with their parents far longer than their predecessors did.

‘Generation rent’ as millennials are aptly referred to, require far more financial assistance to plant a foot on the much coveted property ladder. They are also strong advocates for more affordable homes for first-time buyers to be built, as well as better protection for residential property tenants. Renting for those with children does not provide the security needed to raise a family. The report further reveals that 1.8 million families with children rent privately, up from 600,000 15 years ago. Millennials are reportedly paying a record share of their income on housing in return for living in smaller, rented accommodation.

It’s not all negative news though. There is help to be had for those who know where and how to look. For instance, there have been some steps recently to support property development and first-time buyers. First time buyers purchasing properties up to £300,000.00 no longer pay stamp duty but young people are still having to save for years to raise the deposit for a house or rely on “the bank of mum and dad.” Purchasing your first home is a big step and an exciting time. At Arnold Thomson, we are here to assist you and guide you through the process. We will provide guidance and advice on how to manage your Help to Buy ISAs, stamp duty savings and gifts from family.

Alberta Reid – Director

alberta.reid@arnoldthomson.com

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Arnold Thomson Solicitors is the trading name of Arnold Thomson Limited registered in England & Wales. Company number 6207836. Authorised and regulated by the Solicitors Regulation Authority SRA Number 463361. A list of Directors is available at the registered office address. You can access the Solicitors Regulation Authority’s rules from their website at SRA website.

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