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“Parents are parting with thousands of pounds to help their children get on the property ladder, but they can’t afford to lend as much as they used to.

 

The average parental contribution for home buyers this year will be £18,000, down 17% from last year’s £21,600, according to Legal & General (L&G).

 

The drop shows that parents are “feeling the pinch”, the firm says.

 

Nonetheless, more than one in four buyers are still expected to receive financial help from friends or family.

 

In total, financial services firm L&G said 27% of home buyers would get assistance – up from 25% last year.

 

Despite the smaller sums being loaned, L&G said the so-called Bank of Mum and Dad was still “a prime mover” in the UK housing market.”