A quarter of young Britons believe they will never own their own home, with a further 25 per cent saying they think an inheritance windfall is the only way they can get on the property ladder.
Surveying 1,500 Britons ages 18 to 34, Halifax discovered that one in 10 are prepared to leave the UK so that they will be able to buy an affordable home.
Furthermore, 48 per cent responded to say they feel that buying a home is harder than it has ever been, with eight in 10 saying a lack of affordable housing is the main obstacle to homeownership.
The survey also found that 10 per cent believe they will have to rent forever due to homeownership being unachievable, while 22 per cent said they believe homeownership is a thing of the past.
First-time buyers are 30 years old on average when they join the property ladder, while the average deposit is £32,321, although in some areas such as London it is considerably higher.
“Even with the highest number of first-time buyers in the last decade in 2016, many young people still feel they are running financial gauntlet – saving for a deposit, finding an affordable property in the right area and managing to fund living in the meantime,” said Martin Ellis, housing economist at Halifax.
“It’s never too early to do some research to help build a better understanding of how much is affordable, the borrowing options available and calculating what’s achievable to help make owning a property more of a reality.”