The survey of 2,126 adults aged 45 and over found 97% believed it was difficult or very difficult for young people to purchase a property without family support.
Financial gifts from the ‘Bank of Family’ to support home purchases are projected to fund 42% of all homes purchased by buyers under 55.
Despite universal affordability issues, the level of financial support varies depending on the region.
Data also confirmed that market activity is being driven by portfolio landlords, demand for holiday lets, as well as ongoing interest from overseas buyers.
According to the data, which covers loan completions from January to July 2023, the proportion of RIO customers using their funds to financially support family members has halved, plummeting from 14% in 2022 to just 7% in 2023.
The 'Bank of Family' is anticipated to fund a record-breaking 318,400 property transactions this year, according to the latest data from Legal & General