We've already covered starter homes, but it's not just those small dwellings which are failing to attract young buyers. The whole idea of owning a property doesn't seem to appeal to millennials as much as it did to the generations who came before them. The percentage of people below the age of 30 owning homes is currently at its lowest point in recorded history.
There's little doubt that banks have played a role in this. Since the financial crash in 2008, lending terms have been far more restrictive than they used to be, which makes mortgages more difficult to obtain. There's also the issue of affordability. Houses have generally been thought to be overpriced for a long time now. Despite that, those who work within the market seem surprised that nobody wants to buy from them at inflated prices anymore.