New research from Legal & General showed that the Bank of Mum and Dad (BoMaD) would provide deposits for over 298,000 mortgages this year, enabling £75bn of property transactions.

BoMaD will be involved in 26% of all property transactions that take place in the UK during 2017.

Nigel Wilson, CEO of Legal & General, said: “The Bank of Mum and Dad continues to grow in importance in helping young people take their early steps on to the housing ladder.

“The intergenerational inequality that creates the demand for BoMaD funding continues to widen – younger people today don’t have the same opportunities that the baby-boomers had, including affordable housing, defined benefit pensions and free university education.

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“Parents want to help their kids get on in life, and the Bank of Mum and Dad is a testament to their generosity, but it is also a symptom of our broken housing market.”

Nearly four-fifths of BoMaD funding will go to people under the age of 30.

Parents in the South West are the most generous, providing on average £30,000 per transaction, compared with £29,400 in London.

Meanwhile, the BoMaD is responsible for just £12,500 of financial support on average in Wales.

“Transaction volumes are down in the housing market, but BoMaD funding is growing exponentially,” added Nigel.

“This is not a good thing, nor is it sustainable or equitable for our parents (the lenders) and young people (the borrowers).

“We need real action to fix the housing market and restore affordability for all.”