Only 5% of millennials have reached the life milestones they expected as teenagers, according to research from Skipton Building Society.

The society’s Millennial Life Milestone research, based on a survey of 1,000 adults aged 28 to 43, found that more than a quarter (26%) had yet to achieve their homeownership ambitions, despite expecting to have bought a property by this stage of life.

Of those yet to buy, 68% remain renters, while 23% are still living with family. The findings suggest that many millennials have seen major life goals delayed, with 40% saying they expected to be earning more by now, 33% expecting to have travelled more, 21% expecting to be married and 17% expecting to have children.

Rising living costs were cited as the biggest barrier to progress by 38% of respondents, while 28% pointed to unexpected life events.

Skipton said frustration was widespread, with 76% reporting setbacks on their path to homeownership. However, 81% said they remained determined to buy a home, even if that required compromise.

Some 41% said they would consider a smaller property, while 32% said they would be willing to delay other life goals to get onto the property ladder.

The research also found that 61% of millennials who are not yet homeowners believe they have followed the advice given to them, only to find it was still not enough.

Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: “Many Millennials did exactly what they were told would lead to success, they went to university, built careers and worked hard, expecting homeownership to follow.

“Instead, they’ve faced steep house price growth, rising rents and sustained cost-of-living pressures, making it far harder to save for a deposit than it was for previous generations.

“Fairness starts with recognising how people really manage their money day to day, rather than forcing them into outdated assumptions. What we want aspiring homeowners to know is that today’s mortgage market can be far more flexible and supportive than many people realise, and that’s the message we brought to life through our Flex Your Way to Homeownership Reformer Pilates event.

“With the Renters’ Rights Act coming into force on 1 May, renters will have greater stability and certainty, making it easier to plan ahead. It’s important they also know there are mortgage options designed around real lives and real circumstances; fairer options that can help make the step from renting to owning feel genuinely achievable.”

RENTERS FACE PRESSURE

Skipton commissioned the research to coincide with the launch of its free Flex Your Way to Homeownership Reformer Pilates classes, held ahead of the Renters’ Rights Bill coming into force on 1 May.

The sessions used physical flexibility as a metaphor for the more flexible home-buying options now available to renters and first-time buyers. Attendees were also able to speak with Skipton mortgage experts after the classes.

The research found that 63% of millennials agreed renting makes it harder to get onto the property ladder, while 56% were concerned about rising rents and 52% said they felt stuck in their current situation.

Figures from the Office for National Statistics and Hamptons Estate Agents, part of Skipton Group, show rents across England and Wales have increased by 167% since 1995. Skipton said this had significantly outpaced wage growth over the same period, making it harder for renters to save for a traditional deposit.

Half of millennials said they faced greater challenges than older generations in achieving major life goals. Among those who felt disadvantaged, 79% cited the higher cost of living, while 76% said house prices rising faster than wages had held them back.

Asked what support would make the biggest difference in helping people onto the property ladder, 41% cited improved wage progression, 40% said reduced upfront costs and 26% called for more accessible mortgage options.

Awareness of existing support remains limited, with 56% of potential buyers unaware that renters may be able to use their rental payment history to support a mortgage application.

Skipton said its Track Record Mortgage was designed to recognise a proven history of on-time rent payments as evidence of affordability. The product offers eligible buyers the opportunity to purchase a home without a traditional cash deposit, using their rental track record instead.

Lloyd added: “Our research along with my firsthand conversations on the day show many Millennials thought they’d be further along by now, especially when it comes to feeling financially secure and owning a home. It’s not about failure, it’s about feeling left behind.

“What’s often overlooked is that renters are already doing the right things. Paying rent on time, month after month, is proof of financial reliability, and we believe that should count.

“That’s exactly why we created the Track Record Mortgage. It lets eligible renters use their rental payment history to access a 100 per cent mortgage, without the need for a traditional cash deposit.

“When people understand what’s actually possible, it can completely change how achievable homeownership feels. By designing products around real lives today, we want to help more renters turn ambition into action.”