It has never been more challenging for first-time buyers to get on to the property ladder with increasing numbers of young people turning to the ‘Bank of Mum and Dad’.
Parents fund around 25 percent of mortgage transactions each year and according to The Money Charity, parents provided their children with £5.7 billion in 2018. First-time buyers are now having to find a deposit which equates to around 98 percent of their average annual salary.