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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) survey.

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 parents.

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.

SO parents and daughter

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 Homes.

"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 afford.

"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."

Thomas Turner with keys 

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 a deposit.

"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."

ColliersGreen showhome no2 960x400

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 generation."

To find out more about shared ownership and development near YOU, call 0845 60 10 878 or register your interest online. You can also keep in touch by following on Twitter or Facebook

02 September 2014