NEARLY half of Britons who have not managed to climb on to the property ladder by their mid-thirties doubt they will ever be able to do so, a report has found.

The research from Yorkshire Building Society found 49 per cent of people aged 35 to 40 who are not homeowners but would like to be think it is now “unlikely” or “very unlikely” they will ever own a property.

The survey, carried out by NatCen Social Research, found that more than two-thirds (69 per cent) of young adults aged 18 to 40 felt owning their own home was crucial to feeling that they had succeeded in life, as well as a source of social and financial security.

Nearly a third (31 per cent) of non-homeowners aged 35 to 40 had completely given up even trying to buy a home due to affordability issues, the research found.

It said this is equivalent to around half a million people across the UK expecting never to be able to afford to own their own home, unless there is a dramatic downward shift in house prices.

Andy Caton, executive director of Yorkshire Building Society, said: “It is very sad to see how the hope of owning a home is fading for so many, especially as people approach their mid-thirties.“For most people, owning a home is not just about security, it is also evidently integral to their feelings of self-worth, success and self-esteem.“Hundreds of thousands of adults across the UK feel unable to reach this important milestone in their lives, with many reaching the conclusion that they will never be able to buy their own home like their parents and grandparents did.”

Various schemes have been launched in recent years to help get people on to the housing ladder, many of which go under the Help to Buy banner.

But the research also found that common barriers to buying a home included people worrying they did not earn enough money, concerns about raising a big enough deposit and a lack of job security.

Separate figures released this week by Rightmove show the average asking price on a home across England and Wales has passed the £300,000 milestone for the first time.

Meanwhile, the Office for National Statistics (ONS) has said the average UK property value reached a new record high of £292,000 in January. The ONS figures show a first-time buyer faces paying 7.7% more for a property than a year earlier, with the average price paid for a starter home standing at £222,000 in January 2016. More than 2,000 people took part in research for Yorkshire Building Society, of which around half did not own their own home.