The boss of Britain’s largest housebuilder has said it is the most challenging time to be a first-time buyer since the financial crisis, as the dream of home ownership moves increasingly out of reach for many young people.

A combination of rising interest rates, higher levels of student debt and the squeeze on wages is making it “challenging, very, very difficult” for young people to get on the housing ladder, according to David Thomas, the departing chief executive of Barratt Redrow .

“Certainly, it’s going to be close to where we were post the great financial crisis,” Thomas said in an interview with the BBC .…