Research released this week has suggested that it will take the average household 24 years to save enough money for a deposit on an average UK property.
The figures, released by the Bank of England, have been calculated based on the assumption that households can save 5% of their income every year, a figure that may be unobtainable by many.
It is no surprise that rates in property ownership have fallen from 73% in 2007, to just 65% in 2015, and recent research from the NAEA predict that this figure is set to reduce by a further 7% by 2025.
The average house price in the UK is currently around £280,000, the recent NAEA and ARLA Housing 2025 Report (released last week) predicts a rise to an average price of £419,000 in ten years’ time, with buyers in London expected to have to pay an average of £930,000 to become a homeowner. Nationwide, this will cause home-ownership amongst the working population to drop dramatically, from 62% to 55%, with nearly 9% more households having to choose to rent.
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