Parents add £33.4bn to value of children's houses

British parents are increasingly helping out their children at home, and have added £33.4 billion to the value of their offspring's property in the last five years.

Overall, two children in three (63 per cent) call on their parents to help them carry out home improvements, with parents offering a massive £14 billion worth of free labour in the last five years, Halifax Home Insurance calculates.

As to why the help is needed, 30 per cent said parents are cheaper than trained professionals, 36 per cent said they did not have time to do the work themselves, but a massive 43 per cent said they needed help as they did not know how to do it themselves.

And this inability to carry out tasks is strongest among young homeowners - with the majority (53 per cent) of 18 to 35-year-olds without the necessary skills to carry out a task for themselves.

Fewer than one 18 to 35-year-old in three thinks they are better at DIY than their parents.

"It would be great to see more young people taking an interest in DIY, as their parents won't always be able to help them out," said Martyn Foulds, senior claims manager at Halifax Home Insurance.

"Being able to complete even simple tasks alone can save money.

"It's great that parents are so keen to help their off-spring increase the value of their homes. It's no secret that, if done well, even basic cosmetic tasks such as redecorating can add significant value to a property."

But there is a risk as well as a benefit to home improvements.

Halifax Home Insurance points out that it receives around 50,000 claims a year as a result of DIY disasters, including breaking pipes and drilling through wires.