The latest quarterly First-Time Buyer Index by Aldermore has revealed that a quarter (26%) of aspiring FTBs intend to live with their family for five or more years to save for a deposit, while one in 10 (10%) expect to remain in the family home for three to four years.

As a result of this, parents’ outgoings have increased by an average of £416 a month on food, drink, petrol and electricity bills, equating to £4,996 a year.

In total, parents across the country are having to pay an estimated £20.1bn each year to help their children get on the property ladder.

Furthermore, almost a third (31%) of aspiring FTBs strongly agree that buying a home is unachievable for them at the moment.

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Charles McDowell, commercial director of mortgages at Aldermore, said: “First-time buyers have a notoriously difficult time getting on the property ladder.  

“Since saving an adequate deposit remains the biggest obstacle, more and more people have had to move back into the family home to boost their savings.  

“This is an intergenerational problem that goes beyond the simple view of the Bank of Mum and Dad. 

“Low levels of confidence among this group will have ramifications further up the housing chain, so it’s imperative that more support is offered.  

“We know that first-time buyers are relying on the new government to provide much-needed solutions, but following the recent general election, housing policy is likely to be reviewed again under the newly appointed housing minister, meaning it remains more uncertain than ever.”