Emma Reynolds MP, Labour’s Shadow Housing Minister, responding to research from Shelter showing that the ‘Bank of Mum and Dad’ are now paying out an average of £23,000 to help their kids on to the housing ladder, said:

“David Cameron’s cost-of-living crisis is seeing more young people than ever before relying on the Bank of Mum and Dad to get on the housing ladder. However, this report by Shelter shows that for millions of parents that simply isn’t an option.

“Under the Tories, we have the lowest level of house building in peacetime since the 1920s. Their failure to act is locking more and more people out of home ownership. We’re not even building half the number of homes we need to keep up with demand. A Labour government will get homes built and ensure that we are building at least 200,000 a year by 2020, helping first time buyers achieve their dream of owning their own home.”

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