Young people facing average 14-year wait to get on housing ladder
Young people across the UK face being locked out of the property market for an average 14 years, new research has revealed.
The report, from housing charity Shelter, shows that would-be first-time buyers with families could face a wait of more than a decade before they can get themselves on the property ladder.
And the wait rises to 14 years for single people. However, in some parts of the country, the situation is much more dire.
Shelter has now created an online calculator that can estimate how long it will take to save up for a home in different areas of the country.
According to the calculator, a single 25-year-old living in the Midlands city of Hereford will be 43 before they can afford their own home. And a child born in the city today will not be able to put down a deposit until they're 40.
Meanwhile a five-year-old living in the London borough Kensington and Chelsea today will NEVER be able to afford a deposit on a home in the area.
The charity has warned that many young people will be "left trapped in uncertain private renting, facing years of soaring rents, short-term lets, and unexpected letting agent fees".
Shelter chief executive Campbell Robb said: "This research reveals the harsh reality that young people today are facing because of our shortage of affordable homes. These shocking results show that when it comes to saving up for a home of your own, things today just aren’t what they used to be.
"It’s right that people work hard and save up if they want to own a home, but the government has to start meeting people halfway.
"Unless we see radical action to tackle our chronic shortage of affordable homes, the next generation of young people will find it even harder to find a place to call their own."