Research by the Post Office found that nine million renters do think they will never own a home of their own.

The majority of these people would like to own a property, although two million (11%) said they were happy renting forever.

For those who can get onto the property ladder, home ownership is occurring later in life. The average age of a first-time buyer is now 36, a year older than when the last survey was conducted in 2014.

One-in-four (28%) would-be buyers said they would never be able to save for a deposit unless they managed to get a high earning job or receive a cash windfall.

Some 17% said they were worried about their ability to meet monthly mortgage repayments.

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John Willcock, head of mortgages at Post Office Money, said the market was continuing to move away from prospective first-time buyers.

“The average age at which non-homeowners expect to get a foot on the property ladder has increased to 36 over the past year, which is a worrying trend. It is clear that there is still a long way to go to inspire confidence in the first time buyers’ market, with nine million feeling they won’t ever be able to buy their own property.”

“The size of a deposit is clearly the biggest hurdle that people face, with only 31% expecting to be able to raise the money alone.”

Top five reasons for not currently buying own home

Can’t afford the deposit unless circumstances change 28%
Can’t afford mortgage repayments 17%
Don’t want to own a home 12%
Currently saving for a deposit 11%
Like the freedom of being able to move when I want 8%

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