Research by insurer LV= found young Brits will own half the number of homes their parents did, with the number of property transactions falling by a fifth in the last decade.

A typical person is now expected to own 1.7 homes in their lifetime, compared to over 50s who will own 3.2.

Many are simply unable to get onto the housing ladder in the first place, with 25% of never having owned a property. Most are in residential accommodation as they cannot afford to buy, the report said.

Additionally almost a third of renters (28%) said they wanted to move to a bigger house but couldn’t afford the deposit.

Almost 2.4 million adults who had previously owned their own home now live in rented accommodation. Some say they like the flexibility of renting but the majority are left unable to buy thanks to stricter mortgage rules, lack of deposit or a dearth of homes in the area they want to live.

Selwyn Fernandes, managing director of LV= home insurance, said many young people were starting to give up on the dream of home ownership completely.

“While owning your own home was achievable for the previous generation, it is an impossible dream for many today,” he said.

“Rising house prices and strict lending criteria are not only preventing people from buying their own home but also stopping many homeowners from moving, forcing them to modify their homes.

“Building regulations are designed to ensure that home modifications are safe and we urge all those considering modifying their home to ensure any changes they are planning to make meet regulation standards.”