Parents spend so much money to get their children onto the housing ladder that they are now among the biggest lenders in the UK, a survey suggests.

Collectively parents have given £6.3bn, high enough to rank the bank of mum and dad 10th if it was a mortgage lender. Clydesdale Bank, the UK's 10th largest mortgage lender lent £5bn last year.

L&G said thousands of UK buyers were reliant on their parents to either get onto the housing ladder in the first place, or upgrade to a larger home.

Almost a fifth of those who said they had, or would help a family member buy a home, said it was because they felt it was their personal responsibility to help out. But the financial services firm warned that parents' generosity could hurt their standard of living in retirement.

I am surprised the loan is as little as just under £25K. Our children rarely ask us for money, but if we see a need we are happy to fund them, it is a gift not a loan. My husband and I spend very little on ourselves these days, we prefer to spend it on our family. I have never added it up, as I am not good at maths, but I guess over the years we have given them in the region of £250K to which they are welcome.

How else are they going to do it?

The average deposit now is £30 grand
How long will it take them to save that as well as paying exorbitant rent and if any student loans ?

Maybe start with a smaller property in a less expensive area?

When I started on the ladder, it was a three bedroom terrace in Hertfordshire about 20 miles from central London so the prices were quite high I suppose. I think the deposit was several grand and that was in 1972 or thereabouts. Around a year's salary.