A NEW online tool will show parents how much they need to save in order to help their children buy a house in future.

Thomas Sanderson, a bespoke shutters and blinds company created the Parents Saving Calculator to estimate costs which shows that for Blackburn parents with children up to 12 months, £96 per month savings will ensure they have a deposit by the time they reach 21.

For 16-year-olds, £275 would need to be saved per month.

The tool also estimates that by 2024, the average house price will be £164,736.

All users need to do is input the age of their child, and the town or city that they live in, and the tool will tell them how much they would need to save each month to be able to pay for a deposit in their location when their child is 21.

Commenting on the tool, Richard Petrie, Marketing Director at Thomas Sanderson said: "With house prices constantly fluctuating and many households having little to no savings, we thought it would be helpful to give an idea of how much parents would need to save to help their children afford a deposit for a home in different areas in the UK.

"The difference from location to location is certainly eye-opening, with the majority of the saving plans likely being completely out of the question for parents."

To use the savings calculator, please visit https://www.thomas-sanderson.co.uk/resources/parent-saving-calculator/