Research from the Home Builders Federation has suggested that first time buyers would have to save every single penny that they earned for two years in order to have enough money for a deposit to buy a house. Even if first time buyers hold out for 5 years it will still take 45% of their monthly wage to afford the £37,000 deposit to buy an average starter home. Obviously depending on where you live this can greatly vary, London is far more expensive.
I am in this category and with rent prices and general living costs saving 45% of my income is simply not possible. One of my friends is lucky enough to have managed to save enough for a deposit but when she started to look there was a lack of affordable housing. Even when she did find somewhere the bank was far from forthcoming to offering her a mortgage, essentially shutting young people out of the housing market.
Now the average age of people buying homes without the help of their parents is 37. People even have to live with their parents for longer. A third of men between 20 – 34 are living with their parents and a fifth of women are doing the same. I’m not sure who I feel sorrier - for probably their parents!
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November 1, 2023
lifestyle