Young people are increasingly locked out of the property market and it takes a person in their 20s seven years to get the money to put down on a house, a report out today warns.
On average across England, a person in their 20s wanting to purchase the average first time buyer home (£175,265) will have to save a deposit of £35,053.
Even saving 33% of their net income it would take them nearly seven years – 83 months – to get the money.
For potential first time buyers in their twenties saving half of their net income it will take on average across England more than 10 years to put together a deposit for their first home, and in London an 24 years.
In 2002, it would have taken 2.5 years, the report by the Home Builders Federation found.
The percentage of income required for a deposit has also gone up.
For those aged between 22 and 29 across England, the average deposit is 229% of net annual salary; and in London it is 300%. For thirty-somethings the average deposit is 176% of net annual salary – in London that figure rises to 232%
London mayor Boris Johnson was criticised last year after figures showed a massive 70 per cent drop in the number of affordable houses built compared to 2011.