Caravan Insurance

First-time buyers are increasingly expecting their parents to help them secure their first property, according to new research from Abbey.

A quarter (23 per cent) of those surveyed expected mum and dad to help towards the deposit, whether as a loan or even a gift, with 13 per cent expecting their parents to buy furniture or white goods for the new property.

Two thirds (63 per cent) of first-time buyers believe their parents will use their own savings to help them on their way, with six per cent worryingly thinking their parents will help out with money raised on credit cards.

Jeff Scott, head of mortgages at Abbey, said: "Many first-time buyers need a significant leg-up from parents to have a realistic chance of getting on the property ladder.

"It is commonplace for parents to take their children back into the family home so that they can save for a deposit, as well as helping them out with cash gifts or loans," he added.

With house prices rising ever higher, the increased costs of setting up on your own can prove daunting for young professionals.

Taking simple steps like arranging a UK home insurance quotation can quickly establish the costs involved, and possibly even save some money to go towards that elusive deposit.