Parents chip in to help home-buyers

Press Association
Housing estate
Housing estate

Parents are collectively paying out £2 billion a year to help their children on to the property ladder, a housing charity has found.

The "bank of mum and dad" contributes around £17,000 to help first-time buyers raise the £28,000 deposit typically needed, equating to £2 billion added to the UK housing market each year from parents, Shelter said.