First time buyers are increasingly reliant on financial support from the bank of mum and dad, which has dished out £2.8bn of assistance. 

New research from the Social Mobility Commission has found 34% of first time buyers received financial support from family in 2013/14.

This was up from 20% only seven years earlier.

The Commission forecasts levels of reliance on family financial support is likely to rise to 40% for first time buyers by 2019.

A further 10% of first time buyers used an inheritance to buy property.

The number of people in their late twenties who own a home has halved in the last 25 years.

Those who do are increasingly relying on their parents for financial help, with property prices becoming unaffordable for many.

For parents who are considering giving financial support to adult children, to give them a helping hand onto the property ladder, it's important to factor any loans or gifts into your own long-term financial planning.