Market Research Discovers the New Locked Out Generation in Britain

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12th February 2013 17:07 - Housing

Following a nationwide study, a report published by the Home Builders’ Federation has shown that young Britons have become the ‘locked out generation’, since it is now extremely difficult for them to jump onto the housing ladder.

Young people in their 20s now typically have to save for more than a decade to afford the deposit for their first home, while those in London fare even worse with an average saving timescale of 24 years.

The report issues a stark warning about Britain’s ‘locked out generation’ – currently, the average person between the age of 22 and 29 has a monthly income after tax of £1,274, but after paying rent, council tax and utility bills they are left with an average of just £557.

Even if they were able to save all of this (virtually impossible as food has not been factored in), it would take 126 months to save a deposit of 20% (£35,000) for a property costing £175,000.

The number of first time buyers has collapsed from 500,000 per year a decade ago to just 200,000 at present. Only two-thirds of people own their own homes - the lowest figure for a quarter of a century.

Furthermore, the significant majority of first-time home buyers reported only being able to get on the property ladder because they were lucky enough to have the help of their parents.

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