Some 31 per cent of grandparents in Britain provide financial assistance to their grandchildren to allow them to get on the first rung of the property ladder, recent research has indicated.

Results of a study by CreditExpert suggest that 11 per cent of British grannies and granddads are concerned with their descendents' parents being unable to provide monetary support, in news that may be of interest to those seeking to purchase a new home.

Jim Hodgkins, managing director of CreditExpert, commented: "It seems many grandparents are stepping up to fill the financial void of the 'credit generation', whose money is increasingly tied up in mortgages, loans and credit agreements."

Mr Hodgkins added that while financial assistance can help out grandchildren, it is important that young people develop skills to properly manage their finances and not rely on handouts.

According to a study by the Registers of Scotland Executive Agency, the average house price in Scotland currently stands at £149,292.