British parents help children choose first home

British parents have collectively paid out more than £27 billion to help their children buy their first homes, according to new research.

Findings from Abbey Mortgages revealed that an average of £5,874 is given to each child to enable them to take that first step onto the property ladder.

Up to one in seven first time buyers receive money from their parents to invest in their home with one in sixteen borrowing money.

Nici Audhlam-Gardiner, head of Abbey Mortgages, said: “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.”

The research also showed that finding a home for their offspring also costs parents time, with an average 17.8 hours spent helping with choosing the property and 22.5 hours spent helping them move in.

According to figures from the Office for National Statistics Social Trends survey, more young people are living with their parents for younger with the rises in property being blame, reported ITN.

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Parents feel the squeeze in the summer holidays, poll finds

According to an Abbey poll, British parents are finding the summer holidays financially draining.

The recently released figures show that keeping the children entertained during the long school break can cost families thousands of pounds each. In total, summer holidays may have £5 billion spent on them this year in the UK.

Abbey found that over a third of families rely on others to take care of childcare, and a fifth will cut down on working hours

Steve Shore, head of banking at Abbey said: “It’s important that families try to set aside some extra cash in advance of the summer holidays.”

Head of savings Reza Attar-Zadeh agreed: “Just putting a small amount aside each month into a savings account can provide enough to cover the cost of childcare, holidays abroad or trips out for the family.”

The bank recommends families to prepare in advance for the holidays, suggesting a figure of £50 per month to be put into accounts set up specifically for the summer break.

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