Buying your first home has long been a rite of passage in the UK. Like graduating from university and getting your first job, it is seen as part of the process of becoming a responsible adult in a culture that attaches great importance to home ownership.

But soaring prices mean that, for many young adults, buying a home has been transformed from an important step to an impossible leap. House prices have almost trebled since 1995 - three times faster than take-home pay. The average first-time buyer needs £29,000 in cash to cover the cost of the deposit and stamp duty. As a result, only 20 per cent of people aged 20-24 are homeowners, compared with 34 per cent in 1994.