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First time buyers need 26 years to save for deposit


In London, it takes on average 26 years for a family to save up a deposit for their first home, according to a report from housing charity Shelter.
The report also showed that couples without a child on average save for over 13 years for a house deposit in London, and for single people this took up to 29 years.

Nationwide, it would take a couple with children around 12 years to afford to buy a home . Childless couples have to deal with a seven year wait, leaving many to choose between getting on the property ladder and starting a family. Single people face the greatest barrier, with a wait of more than 13 years until they can afford to buy.

Shelter says that a lack of affordable homes has left millions trapped in "an unstable and expensive rental market", where saving enough for a home of their own is increasingly difficult.

Shelter’s Chief Executive, Campbell Robb, said:
“Homeownership used to be within most people’s reach, but the rising shortage of affordable homes has pushed house prices up so high that for millions of young people it’s now just a fantasy, however how hard they work or save.
“Parents are right to be worried. The reality is that unless we get a grip on the housing shortage soon, children today could spend decades paying out dead money in expensive rents, or living at home well into adulthood with little hope of planning for their own families."

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