New research suggests that first-time buyers face 11 years of saving before they can afford a deposit, with this figure rising to nearly 18 years in London.
Figures from estate agent Hamptons International show that, it would take the average first-time buyer 11 years and three months before they are able to put down a 15 per cent deposit on a home.
These figures cover the first quarter of 2017 and compare unfavourably to calculations from the previous year. The study found that raising the same percentage of cash would have taken around a year less, with the study suggesting the increase has come from the way in which house prices are rising considerably faster than incomes.
The research also found that couples may be able to take around half of this time off, with partnerships needing to save for an average of six years and three months.
Things seem particular stark in London, where the average first time buyer may need to save for over 17 years to raise the money for a deposit. Even couples in the capital are looking at saving for over a decade, with an average of 10 years and nine months.
The Time to Save index factors tax, rent and other bills into the calculations, using figures from the Annual Survey of Hours and Earnings. The research assumes that 22 per cent of what is left over after paying these bills can be saved, and that people buying their first home will pay around 85 per cent of average house prices.
Fionnuala Earley, residential research director at Hamptons International, said: “Saving a deposit is still the biggest barrier to buying a first home. It takes a single person more than 11 years to save up in current conditions.
“But once over that hurdle, falling mortgage rates have taken the pressure off first-time buyers over the last 10 years.
“Their ability to afford a mortgage after tax, rent and spending on essentials, has improved across the whole country – with the exception of London where ability to buy has seriously deteriorated since the start of 2012.”