Help solve the housing crisis by leaving your house to your grandchildren, urges housing minister
Housing minister Gavin Barwell has said parents should leave their property and money to their grandchildren instead of their children.
Speaking at a fringe meeting at the Conservative party conference, Barwell said his mother will be leaving her £700,000 Croydon home to her grandchildren rather than him and his brother.
Barwell said such generosity from grandparents could help solve the housing crisis, the Telegraph reported.
Barwell said:
Generally in life we all like to think that our children are going to be better off than us. In terms of new technology and life expectancy, they are going to be.
But at the moment, as things stand, they are less likely to own their own home and we need to do something about that.
Read more: Philip Hammond unveils £5bn housebuilding stimulus package
The comments come after chancellor Philip Hammond revealed new funds to help solve the housing crisis, hoping to encourage developers to use faster modes of housebuilding and build on surplus public land.
Although house prices dipped slightly following the Brexit vote, growth has returned to the market, so there's little sign of relief for those who are looking to get on the housing ladder.
Hammond recently confirmed he will close the Help to Buy mortgage guarantee scheme because there were now enough banks offering mortgages for customers who can only put down a low deposit.
But, according to Shelter, government spending is exacerbating the housing crisis, as funds are focussed on increasing demand. Schemes such as the Lifetime ISA and Help to Buy attract nearly two thirds of the government's spending on housing. Only 35 per cent of spending is dedicated to increasing supply.