Those who are hoping to get their first step on the property ladder may have a family discussion about how their parents may be able to help.

One option that could be considered is mom and dad selling their house to the adult child, but at a below market price but does this make good financial sense? Accountant Graham Williams says no.

As selling a principle residence is tax free, he says parents would be wasting an opportunity to maximise that benefit and suggests an alternative. Parents sell the house on the open market, downsize and use the left over cash to help the kids out. The gift would be tax free or the down-payment could be marked as a mortgage free loan to be repaid on the sale of the house; this loan would not have to be repaid in practice.

Williams suggests consulting with an accountant or lawyer to get advice on individual circumstances.