For many young people today, the only way to get on the property ladder is with help from their parents. However, recent economic troubles have found that many parents are unable to help out their offspring and grandparents have had to step in.
A report has revealed that rising numbers of first-time buyers are asking their grandparents for financial help towards house deposits. 
The report, commissioned by the home builders Taylor Wimpey, interviewed 1,000 young people. It showed that 10% of those questioned had turned to grandparents to raise funds for their first home.
It also found that many adults were now forced to continue living with their parents while they saved to buy their first home, leading to strained relationships. Many feared they would need to continue living at home into their late 40s or early 50s.
Other experts have warned that millions of young adults will never get on the property ladder, and many will have to wait years before having enough money for a deposit.
Paul Smee, of the Council of Mortgage Lenders, stated that lots of young people will be forced to remain in rented accommodation for many years and that for some, owning a house was an ‘unrealistic assumption’.
A report published by banking giant HSBC, feared that the UK is facing a ‘housing stagnation’ in 2012, due in part to the large number of young adults who cannot afford to buy their own home.
Under-34s said they were unable to get on the property ladder because they could not afford the deposit. They were worried about job security and that they would not be able to get a mortgage.
A Bank of England report stated this week that many property sales were falling through, as buyers in a chain become nervous about taking on a mortgage in the current economic climate.
London is currently enjoying a healthy property market and house prices are at an all-time high in various areas. However, this is mainly due to foreign investors looking for a ‘safe-haven’ for their money.
According to the Council of Mortgage Lenders, this has in turned led to an increase in young people who are priced out of the property market, and the only way they can raise money for deposits is to turn to family for financial help.
69% of first-time buyers in 2005 were able to buy their home without any help from family, whereas today only 35% are in that situation.
