Brits resigned to renting into their 30s

The vast majority of Brits are resigned to not owning property until well into their 30s, with just 18 per cent expecting to make a home purchase in their 20s.

A further seven per cent expect to never own their own home, condemning them to a lifetime of renting.

It is, however, during their third decade that Brits hope to buy – with 44 per cent looking to move into their own home aged between 30 and 35, wile the remaining 31 per cent will be looking while aged between 36 and 40-years-of-age.

Some 66 per cent of respondents to the survey, carried out by SmartNewHomes.com, cited concerns over high property prices as reason why they had not bought yet – only 13 per cent said they were put off by the current financial climate.

"First-time buyers are still looking to buy at the right price, and have not been completely deterred by current conditions in the market," said David Bexon, SmartNewHomes managing director.

"While some first-time buyers' perceptions of affordability may be unrealistic, competitive prices are still achievable and the recent cooling of prices has increased accessibility."

The research also finds 46 per cent of potential buyers were looking to buy on their own as opposed 33 per cent with a partner.

Moreover, eight per cent of respondents expected to pay over £200k for their first home – 22 per cent believed it would be under £100k.

"These days there seems to be less pressure on first-time buyers to get on the housing ladder at all costs, although they have by no means given up on the market," added Mr Bexon.

"If anything, they are just cannier about the many options available to them, increasingly well-informed on price fluctuations, and willing to hold out for the best deals to come along."

Research from the Council of Mortgage Lenders (CML) shows the average age of a first-time buyer was 28-years-of-age during April this year, with 18,500 mortgages agreed in during the month.

Chris O'Toole