According to recent research, they provide £30,000 of financial support per transaction on average, even more than London at £29,400.

This compares to the average assistance of £21,600 in the UK as a whole. Welsh parents give the least providing only £12,500.

Legal and General’s research has found that, in the South West, some 19% of home owners receive Bank of Mum and Dad assistance.

So, although those in the South West that help their children are more generous, less parents help their children than in the UK as a whole, where over a quarter of all UK property transactions involve funding by the Bank of Mum & Dad.

This puts it on a par with the 9th largest mortgage lender in the UK, up from 10th last year.

In 2017, the report estimates, the Bank of Mum and Dad will lend over £6.5 billion, up 30% from £5bn in 2016, providing deposits for over 298,000 mortgages.