The financial comparison site carried out an online survey among 2,018 UK adults and found 36% have abandoned the idea of home ownership altogether, blaming the spiralling cost of living and the scarcity of affordable mortgages.

Louise Cuming, head of mortgages at Moneysupermarket, said it had become a challenge for first-time buyers to save enough to cover a deposit, Stamp Duty and fees, as well as affording the repayments. “It’s no wonder owning your own home seems to be a fading dream,” she added.

“With Sir James Crosby reporting today on how to stimulate the mortgage market, our research is a stark reminder of the effect of rising inflation and of the difficulties getting a mortgage. For home ownership to be ruled out by so many people has dire consequences for the property market. We need to see first-time buyers returning.”

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