More than four in 10 British adults under the age of 40 who do not currently own a home have apparently given up on owning their own properties.
According to property portal Zoopla, this swathe of the population has now been dubbed Guppies (Given Up on Properties).
They are in stark contrast to the “Yuppies” of the 80s and 90s – the young urban professionals who had a good salary and no issues with buying a home.
The new figures from Zoopla how that even among those earning over £60,000 per year, 38 per cent have given up on affording a home in the next decade.
Overall, just one in five say that they will “definitely” be able to afford a home in the next decade, while 14 per cent are currently planning to buy one, or in the process of doing so.
The vast majority of Brits under the age of 40 in the UK do not already own a home – just 22.5 per cent of those aged 25 to 34 and 1.4 per cent of those aged 24 have a property.
Amongst those who have given up on a home in the next decade, the cost of living crisis is the main barrier to home ownership, while increasing house prices are highlighted by 51 per cent and nearly half (49 per cent) point to higher mortgage rates.
Of those who are planning, or in the process of buying their first home, 85 per cent say they have made financial sacrifices to do so.
Over a third 34 per cent have given up holidays, and 30 per cent have had to give up socialising.
A quarter (25 per cent) have stopped saving for their future and one in 10 have even said they have given up dating or being in a relationship in order to afford a home.
Among those under 40 who are currently planning, or in the process of, buying their first home, seven in 10 (69 per cent) say they made compromises on the property.
Most common were not being able to buy in the area they’d ideally like to (31 per cent), not being able to buy a home in as good condition as they’d like (18 per cent) and being unable to afford any spare rooms (17 per cent).
