Millennials are backing Bitcoin as a better investment than relying on house price growth.

The findings came in research among 3,000 millennials – those aged 21-35 – of which 45% of home owners in the sample recommended that first-time buyers continue to rent for now.

Three-quarters said they believe there are more rewarding investments to be made than putting money into property, with Bitcoin seen as a better investment by 21% of them.

In contrast, 57% of millennials described investing in property as “high risk”.

The research said: “For millennials the soaring performance of Bitcoin – followed by an almost equally profound correction – holds more intrigue than the prospect of steady growth in house prices.”

The data is from build-to-rent developer Get Living.

More than a third (37%) of home owners in the sample complained that the value of their property dropped in first 12 months, while 57% said they underestimated the cost of buying their first home.

Another 45% said their monthly costs are much more than when they were renting and 49% claimed they lived in more convenient locations when living as a tenant.

Neil Young, chief executive of Get Living, said: “These results provide an insight into a generation in the vanguard of the new on-demand subscription society where it’s increasingly common to rent, rather than buy, with the likes of Netflix, Spotify and Uber leading the way and now homes set to follow.

“What we’ve found in this report is that ‘generation rent’ are cautious when it comes to property investment, are optimistic for the future and value the flexibility that renting offers. These shifts can’t be ignored.

“It’s time the property sector grew up too and changes the way homes are built, managed and experienced. For us that means we need to continue to make renting a simpler, fairer and positive experience – not just in London but across the UK.”