As well as the Bank of Mum and Dad, the ‘Bank of Granny and Grandad’ now plays a major role in helping both prospective and existing homeowners.

Recent figures show that nearly a third of buyers aged 18-34 were helped financially by their grandparents to buy their home and 12% of existing homeowners have received assistance from the Bank of Granny and Grandad9.

On average, the amount received is around £7,400. Based on the latest government house price data, this figure equates to around 30% of a typical 10% deposit worth £23,437.

9Trussle, 2019