Millennials in England have found it harder than previous generations to get on the property ladder, but there are signs that the situation may be starting to improve.
For many, the traditional path of leaving education, finding a job, buying a home and starting a family has felt increasingly out of reach.
House prices rose sharply over much of the past two decades, while wage growth struggled to keep pace, leaving deposits out of reach for many younger buyers.
Rising rents have compounded the problem, making it harder for tenants to save while covering their monthly housing costs.
“It is not a dramatic turnaround, but for the first time in a while the numbers are moving in the right direction for younger buyers.”
Recent data suggests that wages have been growing faster than house prices in some areas, gradually improving affordability for first-time buyers.
Mortgage lenders have also introduced a wider range of products aimed at first-time buyers, including longer terms and lower deposit options.
Housing charities caution that any improvement is uneven, with affordability remaining particularly stretched in London and the South East.
Economists say the outlook will depend heavily on interest rates and on whether enough new homes are built to meet demand.
Government schemes aimed at first-time buyers have come and gone over the past decade, with mixed results. Critics argue that some support measures pushed up prices by increasing demand without adding to supply, while supporters say they helped thousands of people buy their first home. Ministers have promised a significant increase in housebuilding, although progress has been slower than many had hoped.
For now, estate agents report growing interest from buyers in their thirties who had previously put plans on hold.
