According to research by the National Housing Federation, more than half of first-time buyers believe they will need financial help from their parents to allow them to afford their own home, the Telegraph reports.

Around 54% of people aged between 18 and 30 said they would need to borrow money from friends or relatives to raise enough money to cover the deposit required to buy a property.

20% of these potential first-time buyers said they would need up to £10,000 to get on to the housing ladder, but 28% believe they would need £20,000, while 8% think they would need a staggering £40,000 – and 9% would need more.

An IVA expert for the IVA Forum commented: “Buying a house for the first time is a huge financial commitment. We would advise anyone looking for their first house to make sure they have substantial savings – not only to cover the cost of a deposit, but to help with other costs such as fees and maintenance bills.

“Anyone who is unable to borrow money from their friends or relatives may find that they need to take on a larger mortgage debt. We would advise anyone looking at buying a house to shop around and make sure they are getting the best deal available before committing to anything.”