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1 in 7 first-time buyers get parental help

Friday, 29 February 2008 12:00 AM

One in seven first-time buyers receive money from their parents - worth a total £27 billion.

Figures from Abbey Mortgages reveal parents are slipping their offspring £5,874 on average to help onto the property ladder.

Furthermore, parents provide 17.8 hours of help over choosing a property and 22.5 hours helping adult children move in.

One in 16 first-time buyers, however, have more business-minded parents and have to borrow - an average of £19,619 - to get on the property ladder. However, it was not revealed how many parental loans are fully repaid.

Nici Audhlam-Gardiner, head of Abbey Mortgages, said: "Buying a first property is an incredibly exciting experience and understandably most parents want to share in this milestone.

"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."

Across Britain most support came in the north of England, with parents giving an average £6,760, followed by London and the south-east (£6,485), and Wales and the south-west (£5,971).

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