The Council of Mortgage Lenders (CML) claims that around 20% of so-called first-time buyers are, in fact, "returners" who were previously homeowners but temporarily left owner-occupation.

CML research forecasts that the number of first-time buyers is likely to stay between 360,000 to 430,000 a year for the next few years.

Commenting on the new research, CML Deputy Director General Peter Williams said: "Both hard survey data and opinion research point to younger households continuing to rent for longer and becoming homeowners later. This is not necessarily a problem for the housing market, and could even result in a more stable market over time.

"But there are several important question marks about first-time buyers as we look ahead. First, how many of those who expect to become homeowners will actually do so? Second, how can policymakers address the current lack of appetite to save, and the resulting deposit constraints that may apply to households for a longer period than in the past? And third, how quickly will people who move to the UK choose to become homeowners?