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Grandparents' home deposit help

Potential property buyers are asking the 'bank of granny and grandpa' for help in raising a deposit, as the 'bank of mum and dad' also faces tough financial times, according to a survey.

Some 10 per cent of young adults admitted asking their grandparents for help in getting a foot onto the property ladder, a study by housebuilder Taylor Wimpey found.

This comes as children live in the family home for longer in an attempt to raise a deposit for a home.

Parents may help out with accommodation, but they are less able to help out with the cost of moving.

Mums and dads have been forced to tighten their own purse strings, due to increased living costs, worsening employment conditions and poor returns on savings.

Almost one in four parents said they were struggling financially, while 65 per cent said they did not have extra funds to help their children with a deposit.

Taylor Wimpey's survey also found that 10 per cent of young people who still live in the family home had fears that they may be in their late 40s or early 50s before they can afford to buy a place of their own.

Copyright Press Association 2012

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