housing market

Allowing the young to dip into their pensions to buy a house is a crazy idea

When it comes to pensions, politicians love to meddle. For the most part, the two biggest reforms that have taken place over the past decade have been positive – auto-enrolment and the pension freedoms. The former has led to over 10 million individuals making provisions for retirement in workplace pensions, while the latter has given retirees far greater control over how they access and utilise their life savings.

Over 25% of homes bought in 2018 backed by 'Bank of Mum and Dad'

Parents are now effectively a mortgage lender with a £5.7 billion loan book in 2018, according to financial services group Legal & General (L&G).

More than a quarter (27 per cent) of home buyers have received help from the ‘Bank of Mum and Dad’ so far this year. When looking specifically at under 35s, nearly three in five (59 per cent) have received support from parents to get on the property ladder.