The ever-growing gap between incomes and house prices continues to rocket, leaving a rising number of young people giving up on the idea that they will ever own their own property.
According to research from the Halifax, 48% of 18-34 year olds feel it is harder than ever to get a foot on the housing ladder. In fact, 25% of people in this age bracket feel the only way they will make it onto the ladder is if they inherit the money.
One in five questioned said that homeownership is a thing of the past. This adds weight to the theory that many people are giving up on owning property and instead renting for more long-term periods.
80% said that the lack of affordability was their main barrier to homeownership, with 14% saying they will rent forever.
Deposits remain unrealistic for 52% of tenants asked and the average age of those buying their own home has risen to 30.
Overall, the average deposit put down for an average first-time buyer is £32,321. This figure rises to £100,445 in London!
By region, average house prices as shown in the Halifax research are:
Martin Ellis, Housing Economist at the Halifax, said: ‘Even with the highest number of first-time buyers in the last decade in 2016, many young people still feel they are running financial gauntlet-saving for a deposit, finding an affordable property in the right area and managing to fund living in the meantime.’