The demand for rental homes in the UK looks set to grow according to new reports.

In recent years, there have been signs of a generational change in attitude towards homeownership, with new research suggesting that there could be a considerable rise in homes available for rent in the coming years.

Due to rising house prices, which has resulted in a larger barrier to entry, many prospective buyers are under the impression that renting a property is the most suitable option for them in the long term.

Research forecasts that by 2022, just over one in five of all households within the UK will be renting. This is a 1.1% increase on the current proportion of homes that are rented.

There seems to be a clear demand for high-quality rental homes and the market appears to be responding accordingly.

Reports from last month indicate that there’s been substantial growth in the Build to Rent sector, with just over 25,000 build-to-rent homes built over the 12 months.

It was also found that it’s not just landlords and investors bringing new properties to the rental market, as inherited homes are often put up for let instead of sale. Recent figures from the Office for National Statistics showed an average of 200,000 homes are changing ownership through inheritance each year, whilst 16% of all landlords acquire their home without purchasing it.

Government schemes – such as Help to Buy – and the scrapping of stamp duty have helped many first-time buyers onto the ladder. However, many are still relying on the bank of mum and dad, suggesting that there’s still some way to go to solving the affordability issue.

We’ve seen many schemes over the past three years to help prospective property owners onto the ladder, but new analysis has shown that the Bank of Mum and Dad is still required by many to help them across the finish line.

Legal & General recently carried out research that investigated the number of house purchases that would require a parental cash boost, as well as just how much money the parents would need to provide.

According to the data, parents will need to help fund one in four property transactions this year, and gift or lend a massive &5.7bn.

It was found that 27% of people looking to buy a home this year will receive a helping hand from relatives; a figure that has risen slightly by 2% in comparison to the same time last year.

In 2018, it is expected that the value of properties backed by parents will reach &81.7bn, which is an increase of &4.2bn over the last two years. It’s also predicted that 316,600 homes will be bought with funding from a family member, an increase of 18,600 since 2017.

Whilst help from parents is continuing to grow, the amount given will see a fall. Last year, the average amount lent was just over &21,000. However, this number has now declined to &18,000.

When comparing the total amount lent to buyers, the &5.7bn predicted for this year is a &800 million drop from the &6.7bn peak seen in 2017. This suggests that buyers are relying less on family and friends to purchase a home, but there is still some way to go before the affordability issue is resolved.

Group Chief Executive at Legal & General – Nigel Wilson – commented on the results of their research, he said; “The Bank of Mum and Dad remains a prime mover in the UK housing market and will lend the best part of &6bn to buyers this year, with over 315,000 transactions being underpinned by parental help. However, it’s clear that households are feeling the pinch, as BoMaD contributions have reduced by an average of 17% from nearly &22,000 to a still very generous &18,000. The fact that in 2018, one in four housing transactions in the UK will be dependent on the Bank of Mum and Dad, while hard-pressed parents are finding it more difficult to provide the funds to help their family with deposits, will further exacerbate the UK’s housing crisis. We need to build more homes for the young, old and families alike – more quickly and cost-effectively. Legal & General is playing its part by announcing an initiative to build thousands of new affordable homes.”

With the recent cut in stamp duty for first-time buyers and low-interest rates, many property experts are predicting considerable growth in the number of first-time buyers in 2018.

The housing market can be an inhospitable place for young first-time buyers. It requires a dedication to an end goal that borders on single-mindedness with many sacrifices along the way, but it is not impossible to buy a home.

To get you started on your climb up the property ladder, we’ve decided to take a look at some of your best options as a first-time buyer.

Where should you start?

Save. It’s a simple first step, but it’s the one that the majority of buyers struggle with the most. Putting a little away here and there simply won’t cut it, you need to be consistently squirrelling away money, sacrificing holidays and big money spends, in an attempt to scrape your deposit together.

Fortunately, there is help out there. Do some research and find a savings account with the best interest rate. The most popular savings account for first-time buyers at the moment is the Help to Buy Isa.

This account allows you to make monthly deposits of up to &200 until you either buy your first home or reach the &12,000 limit. Once you actually purchase a home, you can put the savings from your Help to Buy ISA towards the deposit, and after the sale is complete you will receive a 25% bonus from the government. For example, if you had &12,000 saved, you would receive a &3,000 bonus after completion.

What are your options?

If you already have some money saved up, but you're just short of the mark, it may be worth considering the following options.

Rent to Buy: Rent to Buy allows you to choose a home that you will one day buy, but in the meantime, you’ll only have to pay a reduced amount of rent (80%), meaning you can save the other 20% for a deposit. Once you enter this scheme, it lasts for five years. During that time, you can buy the property outright, or you can pay for a 25% or 75% share of the property.

0% mortgage: A 0% mortgage is similar to a 5% mortgage, in that a guarantor must put forward 10% of the deposit, whilst you put down nothing. The guarantor will receive the cash back, provided that you keep up with your mortgage repayments.

Bank of mum and dad: When all else fails, what better place to go than the good old reliable bank of mum and dad. Many of the options above require your parents to act as a guarantor anyway, so why not just go straight to the primary source?

Whilst it might seem daunting to begin saving for a property, there are many options that can help you take your first tentative steps onto the property ladder. Do some research and find out which options suit you best.