Millennials struggle to meet life goals as homeownership remains out of reach

May 1, 2026 3,178

Just one in 20 Millennials have achieved their teenage ambitions – with many missing key milestones, such as buying a home, that came more easily to older generations.

A poll of 1,000 adults aged 28 to 43 found 26% are yet to reach homeownership – despite previously believing they would have by now – with 68% of those renting and 23% still living with family. Others expected to be earning more (40%), have travelled more (33%), be married (21%), or have had children by now (17%).

The main reasons for falling short of these goals is the rising cost of living (38%) and unexpected life events (28%). But while 76% feel frustrated by these setbacks, 81% remain determined to turn their ambition of getting on the property ladder into reality.

Around four in 10 (41%) are willing to buy a smaller property than they would ideally like, while 32% are prepared to delay other life goals to prioritise this long‑term achievement.

Commissioned by Skipton Building Society, the research coincided 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.

Using physical flexibility as a metaphor, the sessions challenged the long-held view that getting onto the property ladder requires rigid, traditional mortgage routes, highlighting how modern options have evolved to better fit today’s buyers.

Attendees were also able to speak directly with mortgage experts, who answered questions, outlined the flexible options available and helped demystify purchasing a first home.

Jen Lloyd, head of mortgage products and proposition at the 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.

“Fairness starts with recognising how people really manage their money day to day, rather than forcing them into outdated assumptions.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 – and that’s the message we brought to life through our Flex Your Way to Homeownership Reformer Pilates event

“With the Renters’ Rights Act coming into force on 1 May, renters will have greater stability and certainty, making it easier to plan ahead.

“It’s important they also know there are mortgage options designed around real lives and real circumstances – fairer options that can help make the step from renting to owning feel genuinely achievable.”

The research also found 61% of Millennials who are not on the property ladder feel they have done everything they were told they needed to do to buy a home, but it still hasn’t been enough.

Almost two‑thirds (63%) think it is harder to get on the property ladder while renting, with 56% worried about rent increases and 52% saying they feel stuck.

Data from the Office for National Statistics and Hamptons Estate Agents, part of the Skipton Group, shows rents across England and Wales have risen by 167% since 1995, outpacing wage growth over the same period and making it increasingly difficult for many renters to save for a traditional deposit.

As a result, 50% of Millennials believe they have it harder than older generations when it comes to achieving major life goals.

When asked what support would help people get on the property ladder, 41% pointed to better wage progression, 40% want reduced upfront buying costs and 26% called for more accessible mortgage options.

However, 56% of potential buyers polled, via OnePoll, 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 its no deposit Track Record Mortgage for renters who can demonstrate a consistent history of paying rent, added: “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.

“That’s exactly why we created the Track Record Mortgage. It lets eligible renters use their rental payment history to access a 100% mortgage, without the need for a traditional cash deposit.

“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.”