London homebuyers receive more help from their parents to buy a home than in any other region, with residents of the capital also having the highest parental contributions – almost £31,000 per transaction on average.

Legal & General and the Centre for Economics and Business Research (Cebr) revealed that younger people will increase their reliance on their parents to buy a property, with the “Bank of Mum and Dad” set to reach nearly £6bn this year.

The report found that family-supported lending remains a major force in the UK housing market, with 27 per cent of buyers set to receive help from family in 2018, up from 25 per cent in 2017.

It is estimated that the bank of mum and dad will help 316,600 relatives buy a home this year, an increase on the reported 298,300 in 2017.

However, despite the increase in volume, parents are providing £3,600 less on average in 2018 than they did last year.

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