Thread by @MetroUK

‘Last year my boyfriend and I bought our first London property and I posted an excited picture on Instagram. #Homeowners.’ writes Metro.co.uk's Deputy Lifestyle Editor, Natalie Morris.

But this wasn’t the full picture.
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‘What my Insta followers didn’t see,’ she continues. ‘was that it was only possible to accelerate our plan to buy because my dad died unexpectedly and I received a life insurance payout.’

‘It’s not a fun story, and not something I really felt like sharing on social media – but a lack of clarity over how people are really able to get on the property ladder can have a pervasive and damaging impact.’

It comes in response to a piece by Location, Location’s Kirstie Allsopp, suggesting Millennials could ‘of course’ afford to buy property if they moved somewhere cheaper and gave up ‘luxuries’.

Allsopp’s family helped her to buy her first home at 21.
metro.co.uk/2022/02/07/kir…

In reality first-time buyers – particularly in cities like London where property prices are ever spiralling – rely heavily on inheritance, moving in with family, and the ‘bank of mum and dad’ in order to pay their deposit and be approved for a mortgage.
metro.co.uk/2019/06/17/ban…

In fact, parents supported 49% of first-time buyer purchases in 2021, with the total contributions from mums and dads helping their kids to buy expected to reach £9.8 billion in 2021, according to Savills 👪💰

This equates to an average of just over £58,000 in gifts or loans for each supported house purchase.

But we don’t really talk about it.

This isn’t entirely surprising. Admitting privilege is a tough thing to do, and nobody likes telling people they have had a leg-up for fear of undermining their own achievements ❌😓

But in a society that valorises home-ownership, withholding information and making buying a property look easier than it really is can be devastating for those who don’t have the same privileges.
metro.co.uk/2019/01/16/no-…

‘Despite patronising headlines about oat lattes and TikTok addiction, uptake of financial education platforms and money management apps tells us that Gen-Z is one of the most financially informed and confident groups.’ say financial education platform founder Margot De Broglie.

'The average house price is 65x higher than in 1970, but average wages are only 36x higher.'

'Coupled with rising living costs, no amount of sacrificed flat whites is going to get you much closer to owning a home.’

‘In our society, there is a glorification of the self-made successful person and admitting that you had help to get on the property ladder goes against that.’ metro.co.uk/2022/02/09/why…