“The IFS data confirms that the housing market is simply broken for many young people from every social background. The situation is critical – more people are locked into the rental market or staying with parents for longer because ownership is a pipe dream for millions.

“Radical changes to the market are needed. We can’t just focus on delivering more homes – we need measures to tackle the affordability issue too. The market must offer a greater variety of choice like shared ownership, which sits between traditional ownership and renting and provides a secure route to building equity with lower barriers to entry.

“Making shared ownership a serious first-choice option could help rebalance the market. That’s why the social housing sector should agree that offering more homes of this type is at the heart of our social mission.”