The year is 2003.
Just one decade has passed since then but it seems an inconceivably long time ago. This is on average the depressingly lengthy stretch of time it has been predicted first time buyers will have to save for to amass a deposit large enough to buy their first home; this bleak outlook was discovered in research conducted by the housing charity Shelter.
For parts of the North with lower house prices the average drops to four and a half years, while in London for a single first time buyer the average jumps up to 30 years.
‘Generation Rent’
Research upon research upon study is only echoing this conclusion.
A recent report from Halifax reveals that one in five people aged 20 to 45 have now given up altogether on the prospect of owning their own home in the face of these sobering statistics.
With the average deposit paid by first time buyers in the UK standing at £26,956, one third of people surveyed by Halifax stated they would save for a deposit however, shelving the dream of owning their own home in the face of these unattainable targets after only three years.
‘Generation Rent’ is quickly becoming a reality for great swathes of people, as more and more potential buyers are struggling to step onto the first rung of the property ladder, dividing the ‘can affords’ from the ‘cannots’. The ‘cannots’ are ultimately left to rent properties which in turn has seen a rise in rental prices due to the increased demand.
What do you think?
How long did it take you to save for a deposit? Do you think it’s fair that young people have to struggle to get onto the property ladder?
Take part in our poll:
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