A recent survey has found that only one in 20 Millennials have achieved the ambitions they held as teenagers, with many falling short of key life milestones such as buying a home. The poll of 1,000 adults aged 28 to 43 revealed that 26 percent have not yet reached homeownership, despite previously believing they would have done so by now. Among those, 68 percent are renting, and 23 percent still live with family.
Other goals that Millennials expected to have met include earning a higher salary (40 percent), travelling more extensively (33 percent), being married (21 percent), or having children (17 percent). The primary obstacles cited were the rising cost of living (38 percent) and unexpected life events (28 percent).
Determination to Own a Home
Despite these setbacks, 76 percent feel frustrated, but 81 percent remain determined to achieve homeownership. To make this possible, 41 percent are willing to buy a smaller property than they would ideally like, and 32 percent are prepared to delay other life goals to prioritise buying a home.
The research was commissioned by Skipton Building Society to coincide with the launch of its free ‘Flex Your Way to Homeownership’ Reformer Pilates classes, held ahead of the Renters’ Rights Bill coming into force on 1 May. The classes used physical flexibility as a metaphor to challenge the traditional view that getting onto the property ladder requires rigid, conventional mortgage routes.
Expert Insights
Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: “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added: “Fairness starts with recognising how people really manage their money day to day, rather than forcing them into outdated assumptions.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.”
Rental Payment History as a Tool
The survey also found that 61 percent of Millennials not on the property ladder feel they have done everything they were told to do to buy a home, but it still hasn’t been enough. Almost two-thirds (63 percent) think it is harder to get on the property ladder while renting, with 56 percent worried about rent increases and 52 percent saying they feel stuck.
Data from the Office for National Statistics and Hamptons Estate Agents shows that rents across England and Wales have risen by 167 percent since 1995, outpacing wage growth. As a result, 50 percent of Millennials believe they have it harder than older generations when it comes to achieving major life goals. Of those, 79 percent cited the higher cost of living, and 76 percent said house prices rising faster than wages have held them back.
When asked what support would help, 41 percent pointed to better wage progression, 40 percent want reduced upfront buying costs, and 26 percent called for more accessible mortgage options. However, 56 percent of potential buyers were unaware that renters may be able to 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 history of paying rent, said: “Our research shows many Millennials thought they’d be further along by now – especially when it comes to feeling financially secure and owning a home. 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.”
She concluded: “When people understand what’s actually possible, it can completely change how achievable homeownership feels. By designing products around real lives today, we want to help more renters turn ambition into action.”
