UK Parents Gift £29 Billion to Help Their Children Buy Homes.

YOUNG adults; HOUSING; WEALTH inequality; PARENTS; ADULTS; WILSON, Harold, 1916-1995; PAYROLL tax

A recent report from the Resolution Foundation reveals that UK parents are increasingly providing financial assistance to their adult children to help them purchase homes, with a total of £29 billion gifted between 2018-2020. This trend is driven by rising housing costs and a widening wealth gap, with wealthier families more likely to offer support. The housing crisis, exacerbated by high rent inflation and stagnant wages, poses challenges for young adults trying to save for a deposit without parental help. The government's efforts to address the crisis include building more homes and improving tenant protections, but concerns remain about potential unintended consequences such as rent inflation. [Extracted from the article]

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