A recent survey has uncovered a stark reality for the Millennial generation: only one in 20 individuals aged 28 to 43 have fulfilled the aspirations they held as teenagers. The findings, based on a poll of 1,000 adults, indicate that many are struggling to reach milestones that were more easily attained by previous generations, particularly homeownership.
Homeownership Dreams Deferred
According to the research, 26% of Millennials have not yet purchased a home, despite having once believed they would own property by this stage in their lives. Among those who have not achieved homeownership, 68% are currently renting, while 23% continue to live with family members. The study also showed that many had expected to be earning more (40%), traveling more (33%), married (21%), or have children (17%) by now. The primary obstacles cited include the rising cost of living (38%) and unexpected life events (28%).
Determination Amid Frustration
Despite these setbacks, 76% of respondents expressed frustration, yet 81% remain determined to eventually own a home. To achieve this goal, 41% are willing to purchase a smaller property than they would ideally prefer, and 32% are prepared to postpone other life objectives to prioritize homeownership.
The survey, commissioned by Skipton Building Society, was released alongside the launch of its free ‘Flex Your Way to Homeownership’ Reformer Pilates classes. These events were held ahead of the Renters’ Rights Bill, which comes into effect on 1 May. The classes used physical flexibility as a metaphor to challenge the traditional, rigid mortgage routes, highlighting modern, more adaptable options for prospective buyers. Attendees also had the opportunity to consult with mortgage experts.
Expert Insights on Millennial Challenges
Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, commented: “Many Millennials did exactly what they were told would lead to success - they went to university, built careers and worked hard, expecting homeownership to follow. Instead, they’ve faced steep house price growth, rising rents and sustained cost of living pressures, making it far harder to save for a deposit than it was for previous generations.”
She added: “Fairness starts with recognising how people really manage their money day to day, rather than forcing them into outdated assumptions. What we want aspiring homeowners to know is that today’s mortgage market can be far more flexible and supportive than many people realise.”
Renting vs. Buying: A Growing Divide
The research further revealed that 61% of Millennials not on the property ladder feel they have done everything they were told was necessary to buy a home, yet it has not been enough. Nearly two-thirds (63%) believe it is harder to get on the property ladder while renting, with 56% worried about rent increases and 52% feeling stuck.
Data from the Office for National Statistics and Hamptons Estate Agents shows that rents across England and Wales have risen by 167% since 1995, outpacing wage growth over the same period. Consequently, 50% of Millennials think they face greater challenges than older generations in achieving major life goals, with 79% citing the higher cost of living and 76% pointing to house price growth outpacing wages.
Support and Solutions
When asked what would help them get on the property ladder, 41% of respondents mentioned better wage progression, 40% sought reduced upfront buying costs, and 26% called for more accessible mortgage options. Notably, 56% of potential buyers were unaware that renters could use their rental payment history to support a mortgage application.
Jen Lloyd from Skipton Building Society, which offers a no-deposit Track Record Mortgage for renters with a consistent rent payment history, emphasized: “Our research shows many Millennials thought they’d be further along by now. It’s not about failure, it’s about feeling left behind. What’s often overlooked is that renters are already doing the right things. Paying rent on time, month after month, is proof of financial reliability - and we believe that should count.”
Top 10 Aspirations Millennials Expected to Achieve
- Earning a higher salary
- Feeling financially secure
- Travelling extensively
- Buying their own home
- Living in the area or type of home they expected
- Building a successful career
- Getting married or entering a long-term partnership
- Starting their own business
- Having children
- Living abroad
The study underscores the financial pressures facing Millennials, but also highlights a resilience and willingness to adapt their expectations in pursuit of homeownership.
