When buying a first home nowadays, parental help isn’t just useful, it’s often vital. According to the Council of Mortgage Lenders, 80 per cent of all new buyers aged under 30 now get financial assistance from their parents, compared to just 35 per cent back in 2005.
However, that doesn’t mean the only young people who can get on the housing ladder are those whose parents can spare £50,000 for a deposit.
Take 24-year-old Megan Walsh. She’s in the second year of a veterinary medicine course at the University of Nottingham, and yet she is already a homeowner. And no, her parents aren’t hedge fund managers; father Mick is a programmer with a trailer-manufacturing company in North Wales, while mother Jeanne works as a performance coach with a variety of energy companies.
Sarah Hodgson was able to buy a house in Colchester through FirstBuy
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