UK parents collectively pay out more than £27bn to help their children buy their first homes, according to Abbey Mortgages.

Research from the bank found that one-in-seven first-time buyers receive financial assistance from their parents and a further one-in-16 first-time buyers borrow money from their parents in order to buy property. The average loan currently amounts to £19,619. An estimated 4.6m Brits give their children an average of £5,874 to help buy their first home, collectively amounting to a total of £27bn.

First-time buyers in London and the South East boast the highest amount of parental support, receiving an average of £6,485 from parents, who spend 26.15 hours helping them to find a property.

Nici Audhlam Gardner, head of mortgages at Abbey, said: “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.”