Those parents that help their children to climb on to the property ladder are contributing an average of £18,000, but across the UK the average amount varies depending on the region.
£5.7 billion of cash has been dispersed by parents, contributing to one in four house sales this year.
The amounts contributed by parents range from £10,800 in Scotland to £30,600 in London according to a report released by Legal & General. It's expected that the value of homes acquired with parental support will be £81.37 billion this year, an increase of 5% since 2016.
Who is getting and giving the money?
317,000 homes were purchased with help from friends or family, comprising 27% of all buyers. This is an increase from 25% recorded last year. Parents make up the majority of these cases, but other family and friends made up a significant portion at 108,800.
One surprising fact brought to light by the research is that four out of ten buyers aged 35 to 44 also received help from family and friends, with over 25% of those between 45 to 54 still relying on their parents.
Over 55s are more likely to be lenders than borrowers with just 8% of this age group receiving help as this group is the most wealthy of all age ranges in the UK.
It's not just first-time buyers feeling squeezed
According to the latest figures, first time buyers are finding it easier to enter the property market compared with two years ago.
According to the Mortgage Lenders Association 28 more buyers per 100 applications were recorded in the first three months of 2018 compared with the same period two years ago.
What are the alternatives to the Bank of Mum and Dad?
The post office now offers a "family-link" mortgage which gives a 90% loan-to-value mortgage against the new property plus a five year loan that uses a family member's home as the collateral. This product can only be used if the parent or equivalent's home is debt free.
Nationwide, Aldermore Bank, Harpenden Building Society and Family Building Society also offer similar products.
Some providers now also offer 95% loan-to-value ratio loans which could be another option for those without access to relatives with the sufficient means to help.
Are you looking to move into a new home soon? Your mortgage broker can organise the best available rate in order to get you in to your new home sooner.
Information is based on our current understanding of taxation legislation and regulations which is subject to change.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our charges are usually between £395 and £995 depending on the type and amount of borrowing required and individual circumstances.
Revealed: Where the Bank of Mum and Dad pays out the most to help children climb the property ladder