|Young people can't afford to buy a home until 43 Posted by Sophy at 10 52 AM on Tuesday, August 31|
Research by the National Housing Federation reveals an entire GENERATION is being squeezed out of the housing market as banks demand bigger deposits than ever from first-time buyers.
The situation is worst for Londoners, where the average 21-year-old will have to wait until they are 52 to afford a mortgage.
In the South West, most won't be able to buy a property before they're 48, and in the South East they'll be 45.
The picture is slightly better in areas where prices are lower. Single youngsters in the North East, North West and the East Midlands should be able to get on the property ladder when they reach 35.
David Orr, the NHF's chief executive, said: "Home ownership is increasingly becoming a pipe-dream rather than a reality for millions without wealthy parents to support them."
Twenty-five years ago first-time buyers needed a £1,321 deposit on a typical £26,422 house. Now they need £35,614 deposit - far in excess of average annual incomes - and the average house costs £142,457.
But there's better news for couples who save hard and delay having a family. If they stay together from age 21 they will, on average, be able to buy their own place at 27.