Home ownership rates for the under 45s have declined steeply since the global financial crisis, while older age groups have either maintained or increased their levels of ownership.

The divergence is stark. In 2003‑04, before the crisis, 64pc of under‑45s owned a home, 8 percentage points less than the average ownership rate across all age groups.

But by 2015 only 45pc of the under-45 age group owned a home. Over the same period the ownership rate for the over‑65s increased from 71pc to 77pc.