57 per cent of ‘Generation Rent’ has given up on saving for their first home, according to a Halifax survey.

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According to the survey, 40,000 respondents cited job insecurity as the biggest barrier to applying for a mortgage, and 92 per cent of people said attaining a mortgage would either be hard, very hard, or virtually impossible.

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53 per cent of 20-45 year olds think that the Help to Buy scheme has had a positive impact, while 8 per cent think it has been negative, with the remaining 39 per cent either ignorant or undecided.

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Optimism towards home ownership was consistently low across all regions of the UK, with over 70 per cent of all people worrying that they will never be able to buy a home.

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Lloyds Banking Group said: “In the last five years the fundamental issue at the heart of the UK housing remains unchanged.

“We still need to address the matter of agreeing a sustainable house building programme over the long-term.“