More than a quarter of Gen Z think winning the lottery is more likely than owning a home

Around 13 per cent said Jeremy Clarkson becoming Prime Minister was more likely than them buying a home.

The survey of 2,000 adults also found more than one in five believe saving for a deposit is impossible due to the cost-of-living crisis.

Buying in London remains particularly difficult, with the average deposit estimated at £118,990.

To cope with rising costs, 37 per cent of young people said they have taken on a side hustle to save for a deposit, while 34 per cent are cutting back on takeaway meals.

Despite the ambition to buy, many said they lack knowledge about the process.

Around 40 per cent admitted they do not understand the steps involved in purchasing a home or key mortgage terms such as loan-to-value.

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Loan-to-value refers to the amount borrowed as a percentage of the property’s value, but 91 per cent of respondents were unaware of the meaning.

The odds of winning the National Lottery jackpot stand at roughly one in 45 million, while the number of first-time buyers reached 341,068 in 2024, according to Halifax.

In response to the findings, Lloyds Bank has partnered with restaurant group Six by Nico to host a one-day event aimed at helping people discuss home-buying plans.

Described as the UK’s “first home-buying tasting menu”, the six-course experience will take place in London, Manchester, Leeds and Birmingham.

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Kate Townson, Mortgage Director at Lloyds said: “Buying your first home is a milestone that often comes with uncertainty and many people tell us they’re unsure where to start.

“We see these challenges every day and we’re here to help make sense of the process from the moment they begin thinking about what’s possible.”

The limited dining experience features courses named “Dream”, “Save”, “View” and “Buy”.

The average age of a first-time buyer rose to 33 in 2024, up two years, while the oldest members of Gen Z are turning 30 this year.

Those currently saving have an average deposit fund of £11,095.

Nico Simeone, owner of Six by Nico, said his restaurant “has always been about telling stories through food”.

He added: “This exclusive menu transforms the emotional milestones of buying a home into a six-course dining experience that will give aspiring homeowners food for thought.

“This is something truly unique for diners that we hope will turn house-buying aspirations into action.”

The event will be free for aspiring homeowners who sign up through the Six by Nico website.

Lloyds said further guidance is available through its First-Time Buyer hub.