Rising London home prices hurting Bank of Mum & Dad
Parents helping children with real estate purchases are now putting their own finances at risk
London
RECORD home values in London meant Sheila Shribman had to help her three children, who work as lawyers and a doctor, with a down payment to afford their apartments.
"There is no doubt that they would not have been able to do this without our assistance," the retired doctor said. "Affordable housing is in short supply, renting is very expensive and buying is out of most young people's reach now."
Parents in the UK capital are now giving half of their net wealth, excluding real estate assets, to their children as gifts or loans to be used as deposits for properties, according to Legal & General Group Plc. That means the so-called Bank of Mum …
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