General Article ‘Bank of Mum and Dad’ to hand over £6.5 Billion to children for property in 2017, report claims

Topic Selected: Money and Finance

‘What about those without an inheritance or wealthy parents?’

By Jasmine Gray

 

News that the ‘Bank of Mum and Dad’ will pump £6.5 billion into property transactions this year has reignited debate over Britain’s “broken” housing market. 

Research from Legal & General and Cebr showed that parents will be involved in 26% of all property transactions in 2017, contributing towards more than 298,000 mortgages and helping to purchase homes worth £75 billion. 

The findings put the ‘Bank of Mum and Dad’ on par with the Yorkshire Building Society, the ninth largest mortgage lender in the UK, the Press Association reported.

But they have infuriated many people, with some criticising the current system for barring social mobility.

Responding to the report, Labour MP David Lammy said the “broken, deeply unfair housing market” was “entrenchin

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