Over half of potential first-time buyers expecting financial help from family to complete their purchase would feel guilty about doing so, according to new research from the Yorkshire Building Society.

The mutual’s latest First-Time Buyers Report found that 66% of UK adults aged 18-40 expecting to receive help from family to get their foot on the property ladder would be remorseful about leaning on financial support from the ‘Bank of Mum and Dad’.

Findings from the report show that relying on the ‘Bank of Mum and Dad’ is becoming the norm, with 59% would-be homeowners expecting to receive handouts from parents or other family members in order to buy a property. 31% expect to receive financial help with their deposit, in line with the proportion (29%) of first-time buyers in England who received support with their deposit last year.

82% of these young adults expecting to receive help to get onto the property ladder believe it’s unfair that their generation is finding it harder to buy their first home compared to their parents’ generation. 59% of those expecting support are concerned that by accepting help it would negatively impact their parents’ future finances.

The study, which was conducted by the National Centre for Social Research, involved a survey of a nationally representative UK sample of 18-40 year olds to examine the attitudes and concerns first-time buyers have towards buying their own home.

While the average property price for first-time buyers in England is £198,325, meaning a 10% deposit would set aspiring homeowners back nearly £20,000, 80% of respondents expecting help from parents and family expected the total value of this support to be less than this level.

The survey also revealed how 14% of adults aged 25-40 expecting help from family anticipated the value of the support they received to be more than £40,000, compared to just 5% of 18 to 24 year olds.

David Robinson, national intermediary sales manager at Accord Mortgages, a Yorkshire Building Society brand, said: “In what is a tough environment for young aspiring homeowners, the ‘Bank of Mum and Dad’ continues to support young peoples’ dream of buying their first home.

“But while it’s clear that parents are willing, where they can, to help their children get on to the property ladder, the burden of how it could negatively impact their family’s finances is leading many young adults to feel guilty about accepting help.

“There are many parts of the country where average house prices dwarf earnings. Many first-time buyers turn to a broker for advice, so our survey results may help to remind them of the financial and moral dilemmas first-time buyers face when they help a client take their first steps on the property ladder.”

Despite worry over family support, findings from the Yorkshire’s report demonstrate how young adults remain optimistic about the prospect of owning a property, with 65% believing it was likely or very likely that they would become homeowners, and 56% admitting they are currently saving money to buy their first property.

Aspiring homeowners also clearly still place importance on achieving their homeownership ambitions, with 56% saying they would feel they had succeeded in life if they could buy a property compared to 63% in 2016. 20% reported owning a house is more important to them than any other life event, including getting married or having children.

The majority of those surveyed also believe owning a home would be good for their future prospects, with 83% saying they thought it would be a good financial investment.

Robinson added: “Despite the challenges facing potential first-time buyers, our results paint an optimistic picture and show how young adults in the UK still value owning their home, even going as far as to suggest it would be the most important milestone in their life.”