In the summer of 2020, when the UK started to emerge from lockdown, the release of pent-up demand and a revived housing market prompted a surge in transactions and an increase in house prices. The average house price reached a record £224,123, reported the Guardian newspaper – a rise of 3.7% in the previous 12 months.
The surge in house prices almost certainly came as bad news to first time buyers already struggling to put together a deposit, so predictions that prices are set to fall again over the coming 12 months might have seemed a welcome break.
But according to a story in the Financial Times recently, even if house prices fell by as much as 20%, first-time buyers would still have a more challenging time getting that first step on the housing ladder than they would have done just a year ago.Family mortgages
Against such a depressing background, first-time buyers may be looking increasingly to their family to help with the purchase of t…