Amid low wage growth, a high cost of living and skyrocketing house prices, those aged 18 to 40 have been referred to as “generation rent”.

The Government has launched a 95 percent mortgage scheme, intended to make deposits less expensive, but this doesn’t take into account other financial hurdles which are blocking this generation from getting onto the housing ladder, according to home insurance comparison website Quotezone.co.uk.

Despite the economic instability sparked by the COVID-19 pandemic, house prices in the UK have risen 8.7 percent in the past year (February 2020 to February 2021).

They have also increased 188 percent over the last two decades – bringing the average property price in the UK to £268,291.

Meanwhile, the average salary for those under 30 years old is currently £25,980 – an increase of only 67 percent over the past 20 years.

For those in this age group who are wanting to get on the housing ladder, Quotezone.co.uk’s CEO Greg Wilson has shared several tips and tricks for saving.

Mr Wilson, who is the founder of Quotezone.co.uk, said: “Although some steps have been made to support first time buyers, there are still hurdles blocking younger people from getting onto the property ladder – that previous generations never had to face.