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The majority of parents are helping their children to make their first home purchase, according to new research.

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Bradford & Bingley conducted a First Time Buyer survey and found that 50 per cent of parents were helping with the costs of deposits, compared to just 25 per cent a year ago.

A further one in ten said they are purchasing a property together with their parents, or with another relative.

In some instances parents are even re-mortgaging their own home or putting off retirement in order to help their loved ones.

However, not all first time buyers are relying on parents or other relatives to fund their first move onto the property ladder, with many instead working a second job to making it possible.

The average second jobber works an extra 12 hours per week, while many also said they save more money by spending less on going out and cutting back on other costs such as TV subscriptions, phone bills and gym membership.

Duncan Pownall, mortgage development manager at Bradford & Bingley, said: "The message we are getting from our report's findings is that many first timers are prepared to compromise, work hard to save for a deposit and look to their families for extra help if needs be."