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One in seven first-time buyers are helped onto the property ladder by their parents, a new report has revealed.

A study by Abbey has shown that British parents have spent a collective £27 billion helping their offspring afford their first home, with an average contribution of almost £6,000.

One in 16 first-time buyers borrow money from the parental purse in order to afford their home, it noted.

The average amount parents lend to their children for house buying is just under £20,000.

Nici Audhlam-Gardiner, head of Abbey Mortgages, said "most parents" are keen to help with their child’s first home.

"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," she added.

Scottish Widows released research earlier this week which showed adult children are costing their parents thousands of pounds which they had intended to use for their retirement.

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