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Parents 'lend £5,000' to first time buyer children

Almost five million Britons have received funding from their parents to get a foot on the property ladder, Abbey revealed today.

Around one in seven first time buyers was found to have been given cash back-ups totalling over £27 billion.

In turn, this equates to an average gift of £5,874 for each home buyer.

Even more impressively, this funding came not in the form of a home loan - and came with the expectation that it would not be returned.

Nici Audhlam-Gardiner, Head of Abbey Mortgages, commented: "Because house prices have increased so much over the past few years, buying that first home is also a bigger and more daunting investment than it was for the previous generation so guidance is undoubtedly needed.

"Buying a first property is an incredibly exciting experience and understandably most parents want to share in this milestone."

Concerned parents were also found to have spent an average of 18 hours of their time to help their children choose which home to move in to.

This was coupled with the extra 22.5 hours they spent helping them to move in to the property.

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