A record number of people are getting help from family to help them buy a house, according to a new study.

Legal & General (L&G) found financial support from the 'Bank of Family' is expected to help with 318,400 property purchases this year, as reported by the BBC.

And it's not just young people relying on parents. Nearly half (47%) of all homes bought by those under the age of 55 will have been done so with the financial support of parents, grandparents or other family members.

And those without that sort of support risk being locked out of the property market, according to L&G.

L&G has been tracking support from families for homebuying for seven years, and it said that in 2023 more people than ever are relying on family help.

It used to refer to it as the "Bank of Mum and Dad" but has changed this to the "Bank of Family", as it more accurately reflects the contributions from other relatives, such as grandparents, aunts and uncles and even siblings.

The average amount given by families to help purchase a home is expected to hit £25,600 this year.

With house prices growing at a much faster pace than wages, and with the cost-of-living crisis and rising interest rates, L&G said it is becoming harder to buy a property without family support.

According to L&G, families are also giving more non-financial support, such as allowing adult children to live at home rent-free while they save for a deposit.

One-in-five of those surveyed said that, without family support, they would have to delay buying a home by more than five years, while one-in-10 said they wouldn't be able to buy a house at all.

Last week, the Halifax reported that a typical home in the UK cost 6.7 times the average annual earnings of a full-time worker, down from a record 7.3 times a year ago.