Despite rising confidence in the housing market, lack of suitable properties and rising house prices in many areas are creating a tough market for younger buyers.

The bank found more than four-in-five homeowners (83%) said they had to wait a lot longer to reach their long-term family home.

Only 36% of borrowers said they expected to achieve their housing aspirations by the time they reach 45.

A third said they expected to be further along the housing ladder than they are at present but a similar figure said their own financial circumstances were preventing them from moving.

Some 43% of people surveyed said their aspiration was for a three-bedroomed property. This property type is most expensive in London and the South East.

Other aspirations include having a large garden, conservatory plus high quality kitchens and bathrooms.

Despite this pessimism, 63% of homeowners believe they will be able to buy their ideal property within the next five years.

Andy Hulme, mortgages director at Lloyds Bank, said: “Many current homeowners clearly still feel that they are not progressing up the ladder as quickly as they would like, with higher house prices in some regions meaning people are waiting longer to move into to their long term family home.

“Despite this, almost two thirds still believe they’ll be in their long term home in less than five years, with the vast majority thinking this will only require one more move.”