Guarantor mortgages on the rise

The survey found that 24% of parents plan to help their children get onto the housing ladder by acting as guarantor, compared to two-thirds of those who plan to just give their children the money outright.

Kate Moore, head of savings and investments at Family Investments, said: "It's obviously becoming increasingly difficult for young adults to get onto the property ladder.

“As it becomes harder for young people to save enough for a deposit on their first home, parents are having to consider other ways of supporting their children into the future.”

The Family Investments research also highlighted just how important the Bank of Mum and Dad is as a lender in the current climate.

Of the non-homeowners questioned over a third are planning to buy, and nearly a third of these expect their own parents to help in securing a mortgage.