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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