NEW research from QualitySolicitors, a nationwide network of solicitor firms, which includes a branch at 31 High Street, Crediton, reveals how the turbulent rental market is creating a generation of “property drifter” Millennials who regularly move address without ever being in a realistic position to buy.

The survey highlights that more than a fifth (21 per cent) of young people in the South West are spending less than 12 months at any one address, with some clocking up to 30 different addresses between leaving the family home and purchasing their own home.

It also reveals that 22 per cent have at some point had to move as a result of their landlord increasing their rent; 55 per cent which have done so in the past calendar year.

This constant drifting, coupled with soaring property prices, is also hindering future plans for these Millennials to become homeowners themselves, as 85 per cent say the levels of rent they pay will delay their plans for getting onto the property ladder.

The vast majority (90 per cent) have already conceded that buying a property is unrealistic unless they get significant financial help and, sadly, more than one-in-10 (13 per cent) have given up on the idea of buying a home entirely.

In fact more than three fifths (62 per cent) of those polled believe that winning the lottery is the number one thing that will help them buy a property given the current market, and half have considered moving countries to give themselves a better chance of getting their foot on the property ladder.

Those who have not yet lost hope in buying their own property have had to make compromises to help them save money. More than two fifths (42 per cent) have moved back to their family home at some point – with 31 per cent having done so at least twice; 38 per cent have had to “couch surf” with friends or family and 46 per cent admit to renting in an area they know they will never be able to afford to buy in.

Andrew Luxton, conveyancing expert at QualitySolicitors Charlesworth Nicholl comments: “It’s clear that rent hikes and sky-high property prices are seriously impacting young people’s chances of buying a home of their own. We are also finding that those who are lucky enough to be in a position to buy a property are often surprised at the complexity of the purchasing process.

“The last thing they want is a delay that complicates the process even further, and this is where it’s vital to find a good conveyancing lawyer who can communicate all the ins and outs efficiently and quickly. And to help stretch that budget further, find a first-time buyer friendly law firm like QualitySolicitors that offers ‘Free First Advice’, so you can talk things through and get clarity on potential legal costs right from the start.”

To help prepare Millennials when they are in the position to buy their own home, QualitySolicitors has produced some downloadable tips available on its website: www.QualitySolicitors.com/conveyancing .