According to Bluestone Mortgages, which surveyed 2,000 adults, around 59% are worried about their ability to get onto the property ladder.

The report added that on average those in this age group expect to be £146 a month worse off due to the rising cost of living.

Young people are already making lifestyle changes to save money, with 52% cutting energy consumption, 48% eating out less often, 39% cancelling subscription services and 31% limiting holidays.

The report added that a quarter were looking to move back in with family to better cope with financial pressures.

‘First-time buyers clearly worried’

Steve Seal, CEO of Bluestone Mortgages, said the cost of living crisis was adding to the stress young people faced getting onto the property ladder.

He said: “Combined with the Help to Buy scheme having recently closed to new applicants and lenders withdrawing from the market due to extreme market volatility, prospective first-time buyers are clearly worried about their ability to make their home ownership dreams a reality.

“With no plans from the government to replace the scheme, we, as an industry, must collaborate and make a determined effort to reassure first-time buyers that there are other options available to buy their first home, including Deposit Unlock and Shared Ownership.”

Seal concluded: “Looking ahead, it’s vital that lenders and builders work together to assist borrowers in achieving their home ownership ambitions in a post Help to Buy environment.”