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Britain's homeowners are playing an increasing part in helping their children meet the costs of buying their own house, according to two property market experts.

Paul Holmes from first-time buyer (FTB) solution provider Firstrung explained that, with the average mortgage standing at £113,000 but the average FTB property costing £148,000, parents are evidently required to cover a large portion of this discrepancy.

Miles Shipside from property website rightmove.co.uk agreed that reliance on mums and dads was increasingly the norm for the UK's young homebuyers, as older homeowners are able to utilise the value of their own property to give their kids a hand.

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He explained: "Most properties above the £125,000 threshold for stamp duty are making people borrow more than just the deposit, mortgage and all the ancillary costs.

"This means that because most parents have seen their property equity rise, they can actually help their offspring get onto the property ladder."

These comments echo the findings of a previous study by Scottish Widows regarding university graduates, which found that house prices are the main obstacle for two out of three ex-students, with many turning to their parents for help as a result.

It appears that young people in Britain simply cannot fly the nest unaided, with another survey by Halifax indicating that more than two thirds of homeowners have turned to their mother or father for help with the DIY at some stage in the past five years.

Breaking news provided by onequote direct - specialists in UK Home Insurance Quotations.

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