This is exacerbated by stagnating wages, with data showing that the average graduate starting salary is around £23,000. To put that into perspective, the average price paid for a house in London over the last 12 months has been just over £642,000 according to property company Zoopla.
For the lucky few millennials who do own property it is likely that they were only able to do so with some assistance.
According to analysis from L&G, the financial services company, the average parental contribution for homebuyers in 2019 was £24,100. This was an increase of £6,000 when compared to the previous year.
In aggregate, parents gave their children £6.3 billion in 2019 to help with a home purchase.