14 Years to Save House Deposit

14 Years to Save House Deposit.

In a new data released this week it was shown that the average single person in their 20’s would have to save for over 14 years before they can buy a home. The housing charity Shelter released data showing the savings time for people wanting to purchase their own home.

In the data it was also shown that a couple with children would have to save for 12 years to get enough for a deposit. This was based upon people needing a deposit of 20%. The affordability of homes in London was proven worst of all regions with a single person needing to save on estimate for 29.5 years and a couple with children for 20 years.

The cheapest region to purchase a home was the North East with a single person only needing to save for 9 years and  a couple 8.8 years.

Our View

When our parents and grandparents bought a house, they had to save for a number of years of borrow from family.  Nothing has changed.  The only difference is that younger people want more sooner, foreign holidays, cars and gadgets.

If you are spending a few hundred poounds a month on a car, car insurance and the latest mobile phone and tablet contract, then it is no wonder it is taking youngester longer to save for a deposit.

Buying your first home is a responsibility and it is good for longer term financial discipline that a deposit should be saved.