The Council of Mortgage Lenders expects homeownership to continue to shrink in the coming years, as a shortage of supply prices increasing numbers out of the market and makes private sector renting the norm among the younger generation. It says the changing face of the property market won't simply be a reflection of practicalities, but will reflect changing expectations, too.

Bob Pannell, the CML's head of research, said: "The overall effect is that for those in the formerly typical first-time (buyer) age bracket of 25 to 34, the likelihood of buying at the moment is around half its level of a decade ago."

Technorati Tags: property, real estate