A new report has highlighted the difficulty of getting onto the property ladder, as a hopeful first time buyer will have to save, on average, around 13 years before they can afford to take out a mortgage.
The ‘Time to Save’ report, created by the estate agent Hamptons International, looked at figures from across the UK.
Unsurprisingly, the number of years a first time buyer would have to save to afford a deposit by themselves to get a home in the city of London was huge. A supposed 46 years would have to be spent saving up until someone would be able to afford a home by themselves.
However, coupling up and going to buy a home with another person can drastically reduce these figures. Across England and Wales, a couple can be expected to be able to save up in ten years less, meaning that in tandem, two people should be able to save a deposit in 3 years.
In London, the same couple would have to save for eight years, the report claims.
Furthermore, it has been reported that for the first time, the average asking price on a home entering the market has surpassed the £300,000 milestone.
Fortunately, the Help to Buy schemes can help people to buy houses with a much smaller deposit, combatting this trend in the market. However, prices this high will be keeping many people in the renting trap for many more years.