Latest research from M&S Bank has found that 60% of those aged between 18 and 35 would consider taking out a mortgage as a group. The difficulty of stepping onto the property ladder has resulted in young homeowners taking the increasingly popular route of buying a home with friends or siblings.

Only 26% of those aged over 36 would even consider taking out a mortgage as a group, a vast difference to the number of millennials who would.

Younger generations fear that they may never own their own property. The study surveyed 5,000 people across the U.K. and found that 20% of those aged between 18 and 35 do not believe they will ever be in a position to become homeowners. Millennials are finding saving for a deposit ever so challenging with the majority (59%) of 18 to 35 year old's having less than £1000 saved up.

Paul Stokes, the Head of Products at M&S Bank commented: "Many young people are trapped in Generation Rent because house prices seem increasingly out of reach. For many, home ownership appears possible only through sacrificing certain aspects of their current lifestyle such as moving 

to a different area, moving to a smaller property than they're renting, or seeing their disposable income take a significant hit. Our research has shown that millennials are keen for an alternative option and joint home ownership is one of them. The switch from housemate to mortgage-mate is a natural progression which can enable more people to achieve the otherwise unattainable, their dream of property ownership." 

A massive 95% of 18 to 25 year old's stated there were benefits to living with others. These benefits included having company at home, sharing the financial responsibility of a home and having someone to cheer you up when you're feeling down. More than 40% even said that having a friend to binge watch a good box set with is the mark of a good housemate! 

Paul Stokes added: "Living with and buying a house with friends or family members alleviates the financial pressure of trying to afford home ownership alone which is unattainable for many. The option of becoming a mortgage-mate is particularly appealing to those already in a housemate arrangement and our research shows that the concept has become increasingly popular with millennials."