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 As financial difficulties continue to cripple the housing and mortgage markets, more potential first-time buyers are being forced to go cap-in-hand to their parents and ask for money.
That is according to the Council of Mortgage Lenders (CML), which said that turmoil in the mortgage markets has had a negative impact on new buyers.
It has led to the complete withdrawal of 100 per cent and 125 per cent mortgages from the mainstream market.
These were the lifeblood of many first-time buyers but now they need to raise a deposit.
With the current financial difficulties experienced by most people in the UK, raising a deposit is almost impossible for many young buyers and so they are forced to ask their parents, many of whom also do not have the money.
"[Family is] increasingly the main option for first-time buyers. It is another option, but it's only open to those who are able to call upon that help, and whose relatives are able to provide it," commented Bernard Clarke, spokesman for the CML.
"That's great for those who are in the fortunate position of having relatives who are able to and willing to do that - but not everybody's in that position.
"Going forward, perhaps parents will be a little bit more reluctant," he added.
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