Years of massive house price growth has created a UK housing market which is becoming less and less favourable for first time buyers. Every first timer remembers how difficult it was to scrape together enough money to place a deposit down on their first place to call home. This has never been an easy feat, but now it is even more difficult due to much higher house prices. The Bank of Mum and Dad is now the go-to for many home hunters.

First time home buyers are now relying on assistance from Mum and Dad like never before due to extremely high house prices. In the year 2010, 20% of all first timers received help from their parents, according to the Social Mobility Commission. Just four short years later, about 30% received family loans or gifts from their parents.

This figure of assistance from Mum and Dad is estimated to increase to around 40% within the next two years.

The report from the Commission stated: "Aspiring first time buyers for whom family help is unavailable will most likely remain disadvantaged, even more so if their parents fall into the least educationally qualified category.

"Going forward, the gap will almost certainly be maintained between those in the UK who can acquire that most significant of financial assets, the family home, and those who cannot.”

Renters are now increasing in number like never before. Homes are mostly more expensive than first timers can afford without some assistance from an outside source. Wages continue to fall well behind growth of inflation which takes place within the UK housing market.