Number of UK first-time buyers using family money to get on the property ladder hits seven-year high

The gap between those who can afford to buy and those who can’t is widening

(Picture: Daniel Lynch)

The chasm between those young Londoners who can afford to buy and those who cannot is growing as the housing affordability crisis in the capital continues, made more critical by the rising cost of living.

The proportion of people relying on the bank of mum and dad (and grandparents) has grown during the pandemic as the average house price across the capital continued to climb, despite the economic uncertainty created by Covid-19.