Parents give children '£27 billion to buy homes'

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Parents in the UK have donated a total of £27 billion to their children to help them buy their first homes, according to new research.

Abbey Mortgages' study found that guardians are giving their offspring an average of £5,784 to get them on the property ladder, while parents also spend nearly 18 hours helping them find a suitable house.

It was also found that parents in London and the south-east donate the most money to their children for their first home, while guardians in Scotland provide the least financial help to their offspring.

Commenting on the findings, Abbey's mortgages head Nici Audhlam-Gardiner 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."

Recent research by AA Insurance also found that parents would add almost £3,000 to their annual salary if they were paid for driving their children to after-school appointments.

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