New research shows that first-time buyers (FTBs) are increasingly receiving financial help from their parents.

Research by Abbey reveals that parents are more inclined to dip into their own money in order to help their children onto the property ladder than ever before.

According to the study, the average FTB receives almost £6,000 from their parents as they attempt to purchase a property.

It means that British parents spend a combined £27 billion on helping their children onto the property ladder.

"Buying a first property is an incredibly exciting experience and understandably most parents want to share in this milestone," said Nici Audhlam-Gardiner from Abbey.

"Because house prices have increased so much over the past few years, buying that first home is also a bigger and more daunting investment than it was for the previous generation so guidance is undoubtedly needed," he continued.

The amount of help handed out by parents varies in different parts of the country, with Londoners giving the largest handouts, while people in Scotland give the least.