There is a growing number of young people in Britain who are giving up on the idea of ever buying property.

According to new research, renting could become the norm for the next generation.

A recent study by Halifax published in the Financial Times found 82 per cent of people between the ages of 20 and 45 fear they will never be able to buy property. It also revealed that the amount of people saving for a deposit has dropped from 49 to 43 per cent since last year.

"The presumption that the UK is obsessed with home ownership may need reevaluating and a lower level of home ownership may become the norm," it read.

Price rises in the UK over recent decades has resulted in financial gain for older age groups, but have left many young people and families locked out of the housing market.

The plight of first time buyers has not gone unnoticed in the run up to general elections on May 7, with the Labour promising to build 25,000 homes a year under the next term, and the Conservatives announcing a deposit subsidy of £50 for every £200 saved in their last budget.