Almost half of first time buyers are looking to their parents to help them reach the first step on the property ladder, according to a new survey.

As banks tighten their belts in the credit crunch and demand considerably higher deposits on properties, the Council of Mortgage Lenders claimed that despite falling house prices, up to 50% of buyers under the age of 30 were looking to parents or grandparents to help make up their deposit.

The figure has risen from 38% of buyers seeking help in 2006.

A new survey conducted by Twenga, the online shopping search engine has revealed that UK shoppers will be spending significantly less over the Christmas period. A total of 3,000 online shoppers were surveyed and 48% of them planned to spend less this year.

These figures are reflective of an impending recession and a reaction by many people which involves cutting spending in necessary areas. The big Christmas spend is, for many people, one of the first things that needs to be cut and it is likely that many will cover the cost of this spend using credit cards.