A key mechanism by which inequality in housing is maintained is through the (seemingly benign) effects of the 'bank of mum & dad' - last year 57% of all first time purchases involved financial assistance from family members!
If you need family wealth to contribute to the cost of your home, then those without access to such family resources are at a major disadvantage - and of course this is what we see with the consolidation & concentration of 'housing wealth'!
#housing #inequality
h/t FT
Emeritus Prof Christopher May
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2024-08-16 05:44:50 UTC
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