How essential is the ‘Bank of Mum and Dad’ for first-time buyers?

Um, w- when we think about the changes to demographics a- and particularly regarding wealth, 'cause there have been quite a lot, haven't there, over, over the last, I don't know, generation?

Yeah, I think in terms of what you can see in terms of wealth and demographics is that sort of the role of gifts and inheritances-

Mm-hmm

... has become very, very kind of important.

Um, but also we can see a lot of kind of inequalities playing out in that way.

So it tends to be that the people who are wealthier before they received a gift, an inheritance, are more likely to receive those gifts, and within those who receive gifts and inheritances, the wealthier you were beforehand, the larger the sum of that gift is more likely to be.

So it's actually quite kind of reinforcing.

Yes.

There's a, there's quite a intergenerational kind of inequality kind of-

Yes

... is, is playing out in wealth distribution.

And is that becoming more entrenched the longer it goes on?

Um, I think what you see at the moment is that you've got a lot of essentially baby boomers sitting on a lot of property wealth that they didn't necessarily-

Yes

... plan to have.

Yes.

And that kind of is playing out today in, in the way that people who, uh, want to become home buyers are just, are making decisions about what they, they can do and the-

Mm

...

the options that they have in front of them.

Um, w- when we think about the changes to demographics a- and particularly regarding wealth, 'cause there have been quite a lot, haven't there, over, over the last, I don't know, generation?

Yeah, I think in terms of what you can see in terms of wealth and demographics is that sort of the role of gifts and inheritances-

Mm-hmm

... has become very, very kind of important.

Um, but also we can see a lot of kind of inequalities playing out in that way.

So it tends to be that the people who are wealthier before they received a gift, an inheritance, are more likely to receive those gifts, and within those who receive gifts and inheritances, the wealthier you were beforehand, the larger the sum of that gift is more likely to be.

So it's actually quite kind of reinforcing.

Yes.

There's a, there's quite a intergenerational kind of inequality kind of-

Yes

... is, is playing out in wealth distribution.

And is that becoming more entrenched the longer it goes on?

Um, I think what you see at the moment is that you've got a lot of essentially baby boomers sitting on a lot of property wealth that they didn't necessarily-

Yes

... plan to have.

Yes.

And that kind of is playing out today in, in the way that people who, uh, want to become home buyers are just, are making decisions about what they, they can do and the-

Mm

...

the options that they have in front of them.