Almost half of all UK parents feel that helping their children onto the property ladder is one of their parental duties, according to research conducted by lender Alliance & Leicester.
Half of parents in the UK intend to give their children financial help in buying their first home by giving them an average of GBP17,677. One in six parents are prepared to give or lend their children over GBP30,000 to see them settled in their own home.
Stephen Leonard, director of mortgages at Alliance & Leicester, comments: Our research reveals that many parents are planning to support their children well past the age of 18, especially when it comes to their first home.
As house prices continue to rise, it is no wonder first time buyers are looking for that bit of extra funding from their parents to get on the property ladder. This may be one of the reasons we are witnessing continuing first time buyer activity despite houses becoming more expensive, he adds.