YOUNG adults will be aided by the Bank of Mum and Dad in one in four property purchases this year, according to new figures.

This comes after research from Legal & General and economic consultancy Cebr, which has revealed how parents are lending thousands of pounds to get their children onto the property ladder.

Nigel Wilson, group chief executive at Legal & General talked of how parents are struggling to lend as much as they used to.

"It’s clear that households are feeling the pinch, as BoMaD contributions have reduced by an average of 17 per cent from nearly £22,000 to a still very generous £18,000," said Nigel

"We need to build more homes for the young, old and families alike quickly and cost effectively, Legal & General is playing its part by announcing an initiative to build thousands of new affordable homes."

Despite this 27 per cent of buyers will receive help from friends or family this year, up from 25 per cent in 2017 with the total value of the Bank of Mum and Dad predicted to rise to £81.7 billion.

Nigel Wilson concludes: "parental funding is a vital plank in the housing market, but this year the supply of funds is being squeezed.

"This is not a positive trend nor is it sustainable or fair for our parents and young people to remain so co-dependent when it comes to housing purchases."