42% of adults under 40 have given up on the possibility of owning a home in the next decade, according to new research from property listings website Zoopla.

Even among high earners earning over £60,000 per year, an astonishing 38% have given up on affording a new home. With Zoopla coining a new phrase ‘guppies‘ for this group of high earners that have given up on ever owning the own property.

Those who have given up cited 3 main reasons:

• the cost of living crisis (64%)
• increasing house prices (51%)
• higher mortgage rates (49%)   

Home ownership figures from England, cited in Zoopla’s report, show only 22.5% of people age 25-34 own their own home. With that figure plummeting to only 1.4% amoung the under 24’s.

The consequence is a national crisis, with ONS figures showing that across the UK 4.9million non dependent adults are now being forced to live with their parents.