New Alliance & Leicester research shows that most 18 - 29 year olds want to own their first property by the age of 30.

The study, carried out in February- showed that the deteriorating housing market is having little effect as yet on young people's aspirations. 57% of respondents aspire to owning their own property by the age of 30, whilst 49% also want to get married.

Richard Taylor, head of mortgage products at Alliance & Leicester, stated: "Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family.

"Being a home owner for the first time is something most of us desire, preferably earlier in life. Even in an uncertain housing market we are seeing those under the age of 30 feeling confident and optimistic about the prospect of getting on to the property ladder before they say goodbye to their twenties."

Many in the industry have suggested that it is getting harder and harder for first time buyers to get on the property ladder. Roy Berry of The Mortgage Provider issued a stark warning in a speech last night "... if we cannot get first time buyers to take their first steps on the property ladder, the whole market will grind to a halt. We cannot, and should not, rely on buy to let investors to keep the market going. There should be more support from the government through Homebuy. Dropping stamp duty for first time buyers is another option".

Remortgage with arrears