I need to find a way to store my bike vertically parallel to the wall. However my ceilings are quite high so it would be difficult to lift it onto a ceiling mounted hook everyday. Is there anyway to have the hook extend further down or better yet a wall mounted solution?
If by "parallel to the wall" you mean in the same direction as it would sit if it were leaning against the wall then you would probably do well with a rack like I bought when I moved into an apartment last year:
This Delta Michelangelo Rack holds two bikes, requires only a single small screw hole in the wall to anchor, and does a good job of holding the bikes out of the way. List is about $80 but I found mine on sale for around $55. It also has a few clips/hangers for things like helmets.
I also have the pulley system recommended by @neil-fein, but I find that if the bike is on the pulley, I rarely get it down.
Two things I've done in the past are to screw a hook like this into the wall:
a little above the height of the front wheel hub when the bike is standing up, so I could just hook the front wheel to the wall, basically. In my case the hook is high enough up that the back tire of the bike is just off the ground, and is actually touching the wall, not the floor. The bike can be rotated on the hook to make it more parallel with the wall, up to the point where the pedal or the handlebar hits.
OK I guess my hooks in my shed are actually on the angled part of the roof, but in this picture I redrew where the hook could be, and then the back tire would rest on the floor.
I have also mounted a fork-mount to the wall and used that, but it means taking off the front wheel each time. It also makes the bike perpendicular to the wall, not parallel, unless you mount it to the side of a shelf or some piece of wood that comes away from the wall.
Here is my bike in the garage off the end of a shelf, parallel to the garage wall:
I recommend that you take a good look at the Park Tools workstands. They are designed to support a single bike securely with grips that are easy enough to setup and release. Prices may be more than a DiY 'bit of wood' sticking out the wall, however, the workstand will have extra value for when you want to work on the bike. Plus, a Park Tool stand looks good, even if not in the workshop and in your front room.
Here are a few models that may be suited to your application:
Clearly you will need a big bolt or two going through the wall to use the PRS-4W-1 or it's somewhat more deluxe cousin. The bike will be clamped 37cm from the wall.
The PRS-25 is a super-deluxe portable stand that packs away nicely. It has cheaper, more affordable cousins.
The PCS-4-1 Home repair stand does pack away neatly, but it is a bit heavier than the portable stand. The head twizzles around 360 degrees so you can put your bike on there, do up the clamp and spin it round to the vertical position.
With the Park Tool stands you can upgrade the clamps and get spare bits for them. They will not damage your bike.
As for getting one, try your local bike shop. They will probably only make a token effort at stocking repair stands, however, you can special order the desired model in after looking at what they have got. Postage on workstands can be significant, you won't have to pay that if ordering from your local bike shop.
If the idea of a workstand takes you, take a trip to http://www.parktool.com
Other makes of workstand will not be as iconic as the Park Tool offerings, neither are they likely to have replacement heads, however, price matters at times and you will almost certainly be able to find cheaper workstands with some hunting around.
There are many such solutions available. You can purchase hooks that mount onto the wall and will hold a bike by its front wheel. If you wanted to use one of these, you'd need to attach something to the wall itself first to hang it off of, building up a structure with 2x4's.
Here's an example of a wall-mounted hook. I've seen these for sale in many places, even in hardware stores.
However, there are ceiling-mounted bicycle holders that are built for high ceilings. These have a pulley system where you can lower the hooks to attach to the bicycle without lifting it at all, then pull the bike back up the ceiling. (In my experience, these racks are excellent for long-term storage, but they make it more of a hassle to get to the bike.)
Lots of the answers above look quite large/expensive (apart from the hooks), try taking a look at CLUGs. https://getclug.com/
They are very cheap, very small, and can easily be removed etc.
However my ceilings are quite high so it would be difficult to lift it onto a ceiling mounted hook everyday. Is there anyway to have the hook extend further down or better yet a wall mounted solution?
When living in a small flat with high ceilings I stored my guest bike on a hook quite far up to have it out of the way by having a pulley up there and using a rope to pull up and lower the bike.
My installation had the bike vertical and perpendicular to the wall with the hook (like the upper picture in rally25rs' answer) but it was anyways in a corner, so parallel to the other wall. I've seen similar installations with 2 pulleys that put the bike up in a horizontal position parallel to the wall (over the entrance door). Parallel to the wall and vertical is possible as well.
Where I am, it's often easier to safely fix a hook to the wall where you want it than to the ceiling.