As the cost of living crisis bites and inflation continues to soar, people aged 18 to 34 are feeling immense pressure over their ability to save for their first home, Bluestone Mortgages research reveals.

The data showed that 51% of 18 to 34-year-olds are worried about the crisis limiting their capacity to save for a deposit, the equivalent of 7.5m.

Meanwhile, 59% are generally worried about their future ability to get onto the property ladder.

On average, this group expects to be £146 worse off each month due to the rising cost of living.

These concerns have prompted this age group to look into making significant changes to their lifestyles to try and mitigate the additional expenses they will soon face.

Many are committing to reducing energy consumption (52%) and eating out less often (48%), as well as cancelling subscription services (39%) and holidays (31%).

A quarter of those are considering moving back in with family (25%) to better cope with financial pressures.

Bluestone Mortgages chief executive Steve Seal comments: “The cost of living crisis is adding to the stress young people face getting onto the property ladder.”

“Combined with the Help to Buy scheme having recently closed to new applicants and lenders withdrawing from the market due to extreme market volatility, prospective first-time buyers are clearly worried about their ability to make their home ownership dreams a reality.”

“With no plans from the government to replace the scheme, we, as an industry, must collaborate and make a determined effort to reassure first-time buyers that there are other options available to buy their first home, including Deposit Unlocked and Shared Ownership.”