It is horrifying to read that the housing market is being propped up by the bank of mum and dad to the tune of billions of pounds a year, The Times, 14th February.
This simply won't help.
Surely in the short term this distorts the housing market by making it look as if new buyers have money they really don't and thereby pushing up the already inflated prices? Also unfortunately the system of mum and dad support can't last down future generations.
The older generation are in a position to do help now, but imagine the situation within ten years. The next generation simply won't have the capital to help out. This then could deflate the housing market at that stage.
So the money put in now into children's property acquisitions could simply disappear and not be reflected in future property prices. We do need to abolish the bank of mum and dad as regards property.
The other way forward is 1/increase the supply of affordable first time housing dramatically, 2/put a stop to the purchase of properties for investment purposes, and 3/control the international acquisition of properties in the UK by overseas interests and 5/local need stay local: those born within a geographical range should have first refusal on properties becoming available.
Elizabeth Smith
Woodmancote
Glos
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