The survey found 21% of prospective first-time buyers believe it is ‘virtually impossible for first-time buyers to obtain a mortgage’. However, just 12% of parents agree with this view of the market.

Both parents and children are more pessimistic about the market than a year ago.

This may be because more children are being forced to move back into their family home in order to save for a mortgage. More than a quarter of parents surveyed said their kids had moved back into the family home.

The number of parents funding deposits has remained steady since the first survey in 2012 but more are helping their children with moving costs.

In total, 57% of parents who own property have contributed to a deposit, compared with 24% of parents who rent.

Craig McKinlay, mortgage director at Halifax, said families were increasingly split over mortgage affordability.

“The generation rent report shows a clear divide between parents and their children as regards optimism over getting on the housing ladder,” he said. In reality there are more mortgages available which require a 5% deposit and first-time buyer numbers are increasing.

“But whether it is giving their children a cash lump sum or providing a roof over their heads while they save, it is clear the bank of mum and dad will have a role to play in helping their children get on the property ladder for the foreseeable future.”