Steve Hicks, Managing Director of Genie, responded to a report issued by the National Housing Federation that highlighted parents’ fears that children won’t be able to afford a home in the future.
Mr Hicks said:
“It is not surprising that eight out of ten parents are worried about the impact of rising house prices in today’s economic climate. Neither is it shocking that more than two thirds are fearful that children won’t be able to afford to buy a home without their financial support.”
“There needs to be more solutions available to help solve the housing crisis that the younger generation is facing. That is why Genie, a home purchase plan that doesn’t require a mortgage or deposit, was devised as a way for young people to access the housing market.”
“We call on all political parties to look closely at the options that are being developed to help resolve the issues faced by first-time buyers today. Genie firmly believes it has developed a solution that will help some first-time buyers to achieve their goal of their own home without parental help.”
Key facts from the report
- Eight out of ten parents (81 per cent) are worried about the impact of rising house prices on the next generation
- Eight out of ten parents (80 per cent) don’t think any of the mainstream political parties will effectively deal with housing
- More than two thirds of parents (69 per cent) fear children won’t be able to afford to buy a home in future without their financial support
- A quarter of parents (25 per cent) are already saving money for their children’s first home
- Yet more than one in twenty parents (6 per cent) are still reliant on hand-outs from their own parents towards housing costs
For more information on Genie visit www.ownageniehome.co.uk