Buyers who get help from the Bank of Mum and Dad are receiving an average of £11,241, new research from Spring has found.

The savings provider says that only around one in seven adults receive a financial contribution from their parents to get onto the ladder, but those who do are benefiting from significant sums. . A third receive between £1,000 and £4,999, while almost one in five receive between £5,000 and £9,999.

One in four recipients receive more than £10,000 in support, including one in six who receive between £10,000 and £24,999.

One in ten receive between £30,000 and £50,000.

Spring head of money Derek Sprawling says: “Many people associate the Bank of Mum and Dad with helping younger family members onto the property ladder, but these findings show the scale of support being provided can be significant.

“For those fortunate enough to receive financial help, it can accelerate progress towards major life goals such as buying a home or building financial stability.

“However, not everyone has access to that support, making personal savings more important than ever.”