Figures from thinkmoney.co.uk show that the average saving of living at home compared to living alone in a one bedroom flat if £12,450 a year, a majority of young adults who live with parents are unable to afford rent or a mortgage, however a small group of young people said that living at home with parent gives them the opportunity to save money for a deposit to buy their own place.
Predictions from a handful of high street banks forcasts that average house prices in England & Wales will increase by 30 % in the next 5 years. This will in turn affect first time young buyers trying to climbs onto the property ladder. As we all know, mortgage and lending requirements is not just being able to show you are in receipt of a bulky deposit.
A lot of young people believe that due to all these restraints in the property markets, they will never own a house in their lifetime. New statistics reveal it could take the average person over 22 years to save up for a deposit on their first home.
Based on figures from the Council of Mortgage Lenders, the average deposit for a first time buyer is £27,719. And with the average household saving 4.9% of their income it would take 22 years for someone on the average salary, saving the average amount per household every year in an instant access savings account, to afford the average first time buyer deposit.