Parents voice fears about priced-out NextGen
ALARMING new statistics reveal that more than two-thirds of
parents fear their sons and daughters won't be able to buy a home
of their own without cash support from their families.
Even more mums and dads − four out of five − voice a
wider worry about the negative impact of rising house prices on the
next generation, says the National Housing Federation (NHF)
The problem is so serious, says the housing lobby group, that by
2020 a staggering 3.7 million young people − today's
schoolchildren − will be forced to keep living with their
The statistics come with an NHF call for top-level action to
tackle what NHF chief David Orr describes as a "ticking timebomb"
for children and parents alike.
Bromford Homes shared ownership expert Alan Bradley
shares these concerns and supports the call to invest in building
more affordable homes so that more young first-time buyers can
afford to take their first step onto the property ladder.
"These latest NHF figures make grim reading indeed − and
reflect what first-time buyers and their parents tell us about the
way that rising property values are pricing them out of the places
where they want to live," says Alan, Head of Sales at Bromford
"It's a huge problem and it won't be tackled overnight but the
message from parents is coming through loud and clear − we
need to build more homes that young buyers and others can
"Shared ownership is definitely part of the solution. Our
purchase prices and deposits are typically less than half what it
costs to buy a similar home on the open market − and the
monthly costs are usually cheaper than renting from a private
landlord. It's a truly affordable way to make the property dream
come true and our customers − such as first-time buyer Thomas Turner
(pictured below) in Gloucestershire − clearly agree."
His advice to parents? "Don't forget about shared ownership when
you're sitting down and talking things through with your son or
daughter," answers Alan.
"A lot of the older generation, like me, were much more
fortunate than today's young would-be buyers. Prices did go up but
homes were, in general, much more affordable and so was saving for
"Many mums or dads may not know about shared ownership or how it
works − and there are a number of common misunderstandings
about it, such as believing it's only for key workers. That's why
we published a special Guide to
Shared Ownership for Mums and Dads. My advice to is to read it
and then visit one of our showhomes like the one at Oaklands, Rugby, or Colliers Green (pictured below). You
will probably be pleasantly surprised."
Launching the report yesterday (Monday), the NHF's David Orr
says: "Children face the ticking timebomb of being prices out of
the communities where they've grown up − and unless they are able
to borrow from the Bank of Mum and Dad many
will face living in their childhood bedrooms well into adulthood or
renting for the rest of their lives… We need the Government to take
action to end the housing crisis within a generation, for the next
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02 September 2014