In the most depressing British news of the day, the good old Bank of Mom and Dad will help finance over a quarter of mortgages in the UK this year, the Independent reports.
Nigel Wilson—chief executive of Legal & General, the financial services firm that conducted the research—explained that due to a low housing supply keeping prices "out of sync with wages," more and more parents are having to help their kids out, spending an average 7 percent of the total purchase. More than 300,000 mortgages this year will be aided by parents, giving them the same collective lending power as one of the top ten mortgage lending firms in the UK.
Obviously, if you don't have a parental bank, you're fucked, leaving many working-class millennials wondering if they'll have to rent forever. Wilson believes that beefing up the housing supply could help curb soaring housing prices across the country, alongside the rapid death of public housing.
Soon, parents may not be able to help their kids at all. In London, parental contributions make up more than 50 percent of the wealth of the average household—excluding housing. In other words, contributing to mortgages in London is hurting middle- and upper-middle-class parents.
This is all just another bit of proof that homeownership is no longer possible through hard work.