First-time buyers feel they are struggling when getting onto the property ladder
Nearly a quarter of people who want to buy a home are still having to live with their parents as they try to save for a deposit to buy their own property for the first time, it has been revealed.
And according to data released by specialist bank Aldermore, of the 22 per cent who still live with their parents at the moment, some 26 per cent believe they will have to stay at home for another five years in order to save up enough money to raise a deposit for their first home.
Another ten per cent believe they will have to stay with their family for three to four years to save a deposit for their mortgage, while three times as many believe that they have no chance of actually getting onto the property ladder at the moment. Of those surveyed, some 31 per cent said they strongly agree that buying a home is unachievable in the current climate.
This is a reading that is consistent with the quarter before, showing that the situation for young buyers is not really improving in the current climate, and that the majority are going to have to continue to live at home or rent in the private sector for the foreseeable future.
The survey also asked people what they think the government should do about the housing sector. As many as 25 per cent said the government should be addressing house price changes, while another ten per cent said they want to see more homes being built across the nation.
"First time buyers have a notoriously difficult time getting on the property ladder. Since saving an adequate deposit remains the biggest obstacle, more and more people have had to move back into the family home to boost their savings," said Charles McDowell, Aldermore’s commercial director for mortgages.
"We believe strongly that first time buyers are the driving force of the property market but our Index reveals just how hard buying a first home really is and is likely to remain so for the foreseeable future."