First time buyers are having to save for up to a decade before they can afford to get their foot on the property ladder.
In a survey of more than 1,000 first time buyers, seven in 10 said it took more than two years to build their home deposit and a quarter had to save for 5-10 years.
Illustrating the struggle so-called ‘Generation Rent’ have trying to get onto the property ladder, Which? Mortgage Advisers have highlighted the issues after undertaking the thorough research.
The bank of mum and dad continues to play a central role in the property market, as three in 10 were supported by contributions from their parents.
A further eight per cent were given financial help by other family members.
David Blake, Principal Mortgage Adviser, Which? Mortgage Advisers said: “Our research reveals the real difficulty that first time buyers have in saving enough money for a deposit.
“Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”
To help first time buyers to plan realistically, Which? has launched a free interactive tool that allows you to work out how long it will take you to save up enough to buy your dream home.
The news comes after the most crime-ridden residential streets in the UK were revealed.
With 244 crimes reported in the six month period the data was compiled, the street that was named the worst for crime was Chevy Rd in the London borough of Ealing.
Next was Leeds – and Heathcroft Rise suffered 161 crimes, significantly less than the London address.
Close behind this was Taplin Drive in Manchester, with 158 reports of crime.
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