Owning their own home is a life goal many people aspire to, but it seems to be slipping out of reach for an increasingly large portion of the population.
In fact, just one in seven adults not currently on the ladder expect to buy their own home before they're 30, while 33% of those over 35 have given up on ever being able to purchase their own property, according to research from Castle Trust.
With the average cost of a first home increasing by over 480% over the last 30 years, and wages in no way keeping up with house inflation, over half of those struggling to get on the property ladder (53%) cited raising a deposit as the main problem.
Savings accounts, many of which are not keeping up with inflation let alone house price rises, are where 53% of those still hoping to buy intend to raise their deposit. Mum and Dad are the bank of choice for 12% of first-time buyers, while 5% are likely to ask their grandparents for a cash handout, and a further 9% will be waiting on an inheritance payout. Finally, one in four have absolutely no idea how they will raise the necessary funds.
The younger generation of 18 to 24 year olds are not very optimistic about getting on the ladder anytime soon, with 40% expecting to have to wait till they are over 31 to buy their own home. 11% of those aged 25 – 34 think they'll have to wait until they're at least 40, while 33% of those between 35 and 44 years old are giving up on the idea of ownership altogether.
Sean Oldfield of Castle Trust, said: "The biggest challenge facing those who want to buy a home in the future is finding a way to save a deposit which keeps pace with rising house prices. The savings market is offering desperately low returns – even the best products struggle to get above 2% - and that is before tax is deducted. The Halifax House Price Index, by contrast, has risen by 7.8% during the last 12 months alone."
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