The housing minister has suggested parents should disinherit their offspring and leave their assets to their grandchildren.
According to the Telegraph, Gavin Barwell told a fringe event at the Conservative Party conference last week that pensioners should consider leaving their homes and wealth to their grandchildren to combat “intergenerational unfairness.”
He said his own mother had “disinherited” him and will pass on her home to Barwell’s three children and her other grandchildren.
But speaking to Money Marketing sister title Mortgage Strategy, Brightstar Hub chief executive officer Rob Jupp says: “This smacks of cheap, political headline grabbing without addressing the key fundamentals, which is there hasn’t been enough housing built in the UK for a generation.”
He says many of the current generation rely on the bank of Mum and Dad to get on the housing ladder and that without it they would be “condemned to a lifetime of overpriced renting.”
He adds: “Housing needs to be a front line Cabinet role and not one that’s badged with a number of second rate responsibilities sitting in the second division of Government.”
At the fringe meeting, Barwell acknowledged the supply issue by saying there is a “a desperate need to build more homes.”