First-time buyers relying on parents

First-time buyers are still reliant on parental help to secure their property, according to new research.

According to figures from Abbey, one in seven first-time buyers had some help from their parents in order to make a purchase.

The figures revealed that an average of £5,874 is handed out to those buying their first property, totaling some £27 billion.

With the current economic climate proving to be particularly harsh for the first-time buyer, the group has stated that it is unsurprised to see parents helping out to such an extent.

Nici Audhlam-Gardiner from Abbey noted that purchasing a first property is "incredibly exciting" and a major step for their children so they are keen to share the experience with them.

"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," she said.

Abbey recently noted that current economic volatility has left remortgagers unsure about which deal to choose.

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