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At a time of stubbornly high mortgage rates, many first-time buyers will be hoping the bank of mum and dad can give them a helping hand onto the property ladder.
But for millions of parents, gifting thousands of pounds towards a house deposit simply isn't possible.
The good news is there are other ways you might be able to help.
Read on to find out some of the options available to parents and grandparents, whether you're able to gift towards a deposit or not.
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Gifting money towards a property deposit is one of the most common ways to help your child buy a home.
Half of all 20-something first-time buyers are helped out by gifted deposits, according to the Institute for Fiscal Studies (IFS), with the average cash gift totalling £25,000.
If you make a financial gift, you may need to provide evidence to your child's mortgage lender and conveyancer that the money came from you, as part of the required money laundering checks.
You may also be asked to confirm that the money is a gift and won't need to be repaid.
Before gifting a lump sum, you should investigate any inheritance tax (IHT) implications. IHT may be triggered if you die within seven years of making a cash gift.
You're allowed to gift up to £3,000 per person per year without it counting towards IHT - so a maximum of £6,000 a year for a couple.
You may also be able to make tax-free gifts from your regular income.
One of the most commonly asked questions about gifted deposits is how your money will be safeguarded in the event of your child and their partner splitting up, and the property needing to be sold.
If this is a consideration, your child's conveyancer can set up a 'deed of trust' before the property is bought.
This will specify which party the money was gifted to, and ensure that if the relationship breaks down, your child recoups the full sum.
It's important to have these conversations before a property is bought, as it can be complicated to set up these legal arrangements further down the line.
Loaning money to your child can also be a good way to help them onto the property ladder.
If you decide to provide a loan, you'll need to have a clear repayment plan setting out when payments are due and whether any interest will be charged.
Your child's mortgage lender will consider the loan to be a debt, and will take the repayments into account when assessing their affordability.
This means that while a loan could boost your child's deposit, it could also affect how much they can borrow when taking out a mortgage.
Instead of providing a lump sum towards a deposit, you could consider using your own property or savings as collateral for your child's mortgage.
Lots of lenders offer some form of guarantor mortgage. These can be helpful if your child only has a small deposit or historic credit issues.
There are two main types of guarantor mortgage. The first involves you using your savings as security. You'll need to place savings in a special account with the mortgage lender for a set number of years, or until a portion of the mortgage is repaid.
The second option involves using your property as security. A charge will be placed against your property as collateral in the event that your child fails to make their repayments.
Acting as a guarantor can give your child a helping hand onto the property ladder, but in the most serious cases, it can put your money or home at risk. If you're considering this option, take expert financial advice and speak to a mortgage broker.
If your child doesn't have a high-enough income to get approved for a mortgage, you could consider taking out a joint mortgage.
This involves both you and your child being named as borrowers on the loan, and owners on the property's deeds.
The benefit of this is the mortgage lender will take your income and savings into account.
However, there are drawbacks. You'll be financially linked to your child and bear joint responsibility for repayments to be met, but - perhaps most significantly - if you already own your own home you'll need to pay the second-home rate of stamp duty.
In England and Northern Ireland, people buying a second property must pay 3% on top of the standard rates. In Scotland and Wales, it's 4% on top of the LBTT and LTT rates respectively.
One way around the stamp duty issue is to take out a joint borrower, sole proprietor (JBSP) mortgage.
These deals aren't generally offered by the biggest banks, but they are available from some building societies.
JBSP deals involve both you and your child being named on the mortgage, but only your child being named on the property deeds - thereby removing your stamp duty liability.
These deals are usually targeted at young people who are likely to see their earnings increase significantly in the future, with the aim that they can eventually pay the mortgage on their own.
Older parents may struggle to get accepted due to the maximum ages on JBSP mortgages. If you're considering this type of deal, take advice from a broker.
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