During these times of housing shortage and highly priced property, many young people are finding great comfort in the ability of mom and dad to help them reach the first rung of the property ladder. This phenomenon known as “the bank of mom and dad” is streaking through the country and making it possible for many to gain access to the property market without having to wait years in order to do so.

Parents and grandparents are pitching in like never before. They are assisting children and grandchildren in their effort to reach the bottom rung of the property ladder with more than £5bn per year. This gracious gift makes the group comparable in size to the nation’s 10^th biggest lender.

The trend puts a large asterisk next to the fact the UK housing market is difficult to gain a place on and is heading in a direction which is increasingly harder to make strides onto, according to many close to the market.

Nigel Wilson of the insurance company L&G commented on the latest research to surface, saying it “underscores the huge role of families in an over-priced, under-supplied housing market.”

Wilson continued commenting, saying: “Housing is a metaphor for the broader economy since the financial crisis. New money created by central banks and governments has pushed up the prices of existing assets, including houses.”

Expectations of the bank of mom and dad running into financial challenges could be present in a few years. The group will likely face unexpected health care costs which could hinder their ability to continue giving at such a torrid pace.