A recently announced survey has shown that only 5% of people between 20 and 45 were prepared to make financial sacrifices in order to buy their own home.

The Halifax are calling it “Generation Rent”, a section of the population who have given up on the prospect of owning their own homes and are instead resigned to a lifetime of renting.

According to recent analysis by findaproperty, the situation will be difficult most difficult in London where unassisted first time buyers will now rent for an average of 31 years before they buy their first home. This means that they will spend the grand total of £308,558 on rent. The average price of a first home in London is £258,000!

Due to new restrictions on lending, the size of the average deposit has ballooned in recent years. In 2000, a first time buyer needed a deposit of around £9,865. This had grown to £28,770 in 2010. What this means is that the average age of an unassisted first time buyer is likely to be older than 40 in the next few years. The National Housing Federation are predicting that the average age will rise from 37 to 43.

The upshot of this seems to be a generation of long-term (albeit unhappy) renters. Good news if you’re a buy to let insurance holder, not so good if you’re trying to get your foot on the first rung of the property ladder.