CIH: Parents question children's ability to take out a mortgage

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CIH: Parents question children's ability to take out a mortgage

Many parents believe their children may be forced to move away from their community, because house prices are too high.

According to the Chartered Institute of Housing (CIH), about 15 million British adults think their children could have to relocate in order to get on the property ladder.

The organisation has therefore urged the government to make investing in housing a priority, as failure to do so could force families to live farther apart.

Sarah Webb, chief executive of the CIH, commented: "The shortage of homes for sale and rent at affordable levels in almost every community is already hitting younger people hard."

She said the average age of first-time buyers in the UK now stands at 37, if only those who have bought a home without parental assistance are considered.

The average age for those who have purchased a house with help from their parents is 31, Ms Webb added.

This coincides with warnings from the National Housing Federation that failing to invest in new affordable homes could jeopardise the UK's economic recovery.

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