Mum and Dad's record £9.2bn in home handouts

HANDOUTS from the Bank of Mum and Dad to help their children buy a home are set to top a record £9.2billion this year.

- Alex Daniel

Financial gifts from parents and grandparents to younger family members will rise by more than £1billion, up from £8.1billion last year, Legal & General estimated.

The figures lay bare the challenges facing young homebuyers looking to get on the property ladder, the financial giant said, particularly for those who do not have family wealth to help them.

Most recent or prospective recipients of financial help said they would have had to delay home purchase without it.

One in five said it would be by more than five years, while one in 10 first-time buyers would not be able to buy at all.