The call is the key finding of a YouGov survey carried out for the New Homes Marketing Board, whose chairman, David Pretty CBE, has been championing help for first-time buyers for some years. He first suggested a Government-backed savings scheme almost three years ago.

He said: “Even the recent substantial falls in property prices – which would normally boost affordability – have failed to help, thanks to punitive interest rates and the much larger deposits now required. The reality is that first-time buyers are now worse off than ever.”

The public now understands the problem very clearly. The YouGov poll showed that almost 60% of respondents believe their children will have no hope of buying a first home without very substantial cash help from their own savings – often known as the ‘Bank of Mum and Dad.’

Pretty added: “More parents than ever before believe that first-timers today are in a very difficult situation and are starting to despair that their youngsters will ever be able to get on the property ladder.

“Irrespective of their income, first-time buyers cannot now buy without a very large deposit and, unless they are lucky enough to have parents who are in a position to help them, or have some significant savings already, most will find it a real struggle to raise the much larger minimum deposits now required, especially if they are already renting. Currently, the situation is so bad that deposits as large as 40% are required to get a decent interest rate from mortgage lenders.”

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Pretty first raised the idea of a national deposit savings scheme for first-time buyers three years ago and again last summer, following which Chancellor Alistair Darling was widely reported to be considering such a scheme. It has not yet happened and the New Homes Marketing Board now believes the need is urgent and immediate.