Handouts from the Bank of Mum and Dad to help their children buy a home are set to top a record £9.2billion this year, research shows.

Financial gifts from parents and grandparents to their younger family members will rise again in 2024, up from £8.1billion last year, Legal & General estimated.

The research lays bare the challenges facing young homebuyers looking to get on the property ladder, L&G said, particularly for those who do not have family wealth.

The majority of recent or…