First time buyer dilemma

New research from the Home Builders Federation shows that the average first time buyer would have to save every single penny of their earnings for more than two years to have a chance of getting a foot on the housing ladder. In London it would take three years.

Even over five years, young people have to save almost half of their take home pay every month to save a deposit for a house, with some areas even higher.

This sizable hurdle to buy will prolong the time tenants stay in the rental sector.

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