This is almost two-thirds of the average first time buyer deposit and will have helped more than usual because of the stamp duty holiday operating since July 2020.

That £42,500 average masks a much larger figure in London – typically a huge £102,826 – while those in South East England gifted an average £61,500.

Below average sums were gifted in the North West (£23,467) and Yorkshire (£25,217).

The analysis, by Key equity release company, involved a study of over 1,000 older homeowners.

Key chief executive Will Hale says: “Finding almost £60,000 to use as a deposit for your first home is tough – especially in the current economic environment – and therefore it’s not surprising that many younger people have looked to take advantage of the stamp duty holiday.

“In 2020, older homeowners released almost £755 million of equity in order to help younger members of their family meet a range of costs including supporting them with an average of £42,500 to use for a house deposit.

“For many people, these gifts will have been the enabler to them buying their first home and is a perfect example of how intergenerational wealth transfer can deliver positive societal benefits.  The stamp duty holiday has certainly been a catalyst for more activity in this area but helping family is always a major motivation for older homeowners exploring their equity release options.”