Parents feeling pressure to help children buy their own home

A Bank of Scotland survey found that just over one in ten parents aged 25-34 are looking ahead to the future and already feeling pressurised to help with costs towards getting on the property ladder.

More parents in southern Scotland (17 per cent), Glasgow (16 per cent) and Aberdeen (15 per cent) than anywhere else think it is normal now that their children’s generation will never buy their own home.

The findings, contained in the bank’s latest How Scotland Lives report, showed parents are also concerned about helping to pay university or higher education costs and repaying debt.

Nicola Noble, mortgage director at the bank, said: “As their children struggle to be financially independent, more parents are now feeling under pressure to help by providing money towards university or higher education costs, repaying debt or buying a home.

“The younger parents, especially, are already feeling very pessimistic about their children ever being able to buy a house without them providing substantial financial support.”

Industry body Homes for Scotland said the research demonstrates the need for a significant increase in building.

Nicola Barclay, chief executive, said: “With the majority of Scots aspiring to own their own home, but affordability issues clearly impacting on the ability of future generations to realise these ambitions, it is vital that we see an increase in supply across all tenures in order to meet this demand.

“That is why we are calling on the next Scottish Government to address our country’s diverse housing needs and aspirations and manage a return to pre-recession build levels which would result in at least 100,000 new homes by the end of the Parliamentary term.”