Just 6% of first-time buyers are aged under 25, according to the lender’s March home affordability index, compared to 23% in the mid-1990s.

The proportion of first-time buyers with children has fallen from 34% to 25% over the past 10 years. The need for multiple incomes to buy a home has also grown over the period, with 52% of today’s first-time buyers needing two or more full-time salaries compared to 40% in 1994/95.

Skipton Building Society chief executive of home financing Charlotte Harrison said: “First‑time buyers are already facing a market that looks very different to previous generations, and the prospect of further mortgage rate rises adds an extra layer of difficulty on top of existing affordability pressures.

“While conflicts overseas may feel far removed from the UK housing market, they can increase uncertainty in global financial markets, push up funding costs for banks and lenders, and ultimately feed through into higher borrowing costs for homeowners.

“Although higher rates may test affordability in the short term, there will still be opportunities for first‑time buyers in the months and years ahead. Continued innovation and support will be key to helping people navigate these pressures and take their first step onto the property ladder.”