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First-time buyers will borrow a record £10 billion from the Bank of Mum and Dad this year to get on the property ladder.
The new high illustrates the challenge of raising a deposit for young adults amid rising house prices.
And now on average, parents will give their children £58,000 towards their house deposit, according to the Times.
It is expected that 169,000 first-time buyers will resort to the Bank of Mum and Dad this year to boost their deposits.
According to the estate agent Savills, this number amounts to half of all first-time buyers.
First-time buyers will borrow a record £10 billion from the Bank of Mum and Dad this year to get on the property ladder (stock image)
Prices are now 13 per cent higher than before the pandemic and in August, the average house price went up by almost £5,000.
Despite the end of the stamp duty holiday, the average
