More than one in five (22%) aspiring first-time buyers are living with their parents to save for a deposit, Aldermore research has found.
Over a quarter (26%) said they will have to live with their family for five or more years to save for a deposit, as nearly a third (31%) said buying a house is unachievable at the moment.
Such is the burden being placed on parents, they are spending £20.1bn a year to support their adult children.
Charles McDowell, Aldermore’s commercial director, mortgages, said: “We believe strongly that first time buyers are the driving force of the property market but our index reveals just how hard buying a first home really is and is likely to remain so for the foreseeable future.
“Low levels of confidence amongst this group will have ramifications further up the housing chain so it’s imperative that more support is offered.
“We know that first-time buyers are relying on the new government to provide much needed solutions but following the recent General Election, housing policy is likely to be reviewed again under the newly appointed housing minister, meaning it remains more uncertain than ever.
“Aldermore offers many products to help first-time buyers who are struggling to gather a deposit, including the family guarantee mortgage and 95% mortgages for customers who have a smaller deposit.
“Customers should always speak to qualified adviser who can ensure they find the best mortgage product for their needs.”
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