The country's housing crisis has left a 'jilted generation' struggling to buy their first home, according to new research
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The average price of a home in England for a first-time buyer in 2012 was £173,185 - nearly 10 times the average wage for 22 to 29 year olds, according to a report by the National Housing Federation (NHF).
NHF estimate that by 2020, the cost of owning a first home will increase by 42% to £245,165 and despite an expected rise of 36% in wages, they warn that the situation poses a "huge challenge" for those wishing to become homeowners.
The Joseph Rowntree Foundation (JRF) published a report earlier this year that stated, by 2020 the number of young people owning their own property is expected to decrease by approximately 1.1m to 1.3m.
The NHF research highlights what they call a "jilted generation" - children of the eighties, born during a baby boom, that are now struggling with housing costs. Their research shows that although almost 6m babies were born in England between 1982 and 1990, only about 2m homes were completed over roughly the same period.
According to the foundation, 240,000 new households were formed in 2012, but only 111,250 homes were built. They warn that not only is not enough currently being done to tackle the "severe lack of affordable housing" but that soon the noughties baby boomers will add to the strain.
A report published by Shelter in June 2013 attempted to assess the length of time it would take for first-time buyers to save up enough money for a deposit. The results showed significant regional variations in England. The table below shows the results.
As you would expect, the average first-time buyer deposit size according to Shelter is much higher in the capital - couples looking to buy a home in London can expect to save for more than a decade to secure the average deposit needed whereas couples in the north east, north west and Yorkshire and Humber face only 4.5 years.
Private renting costs are now increasing at a faster rate than house prices, according to the research by NHF. They estimate that private rents could increase sharply between 2015 and 2020, by about 6% a year, as interest rates and house prices increase. By 2020, rent prices are expected to be 46% higher than they are currently.
Figures released by the ONS last year show that in the UK, nearly 3m adults aged between 20 and 34 were living with a parent or parents in 2011- an increase of almost 500,000 since 1997 - despite the population for that age group being largely the same in 1997 and 2011.
By 2020, a further 700,000 people are expected to be living with their parents, according to the NHF.
Despite George Osborne's announcement in the latest budget that £1bn will be made available towards building more private rented homes and the Help-to-Buy scheme, designed to help young people onto the housing ladder, the NHF argue that "making mortgage deposits cheaper to aspirant homeowners without increasing housing supply doesn't tackle the root of the problem". Instead, they argue, it "risks creating another housing bubble where prices are pushed up."
An online calculator allowing people to gage how long it will take until they can afford their first home, has been created by Shelter. By providing information such as your postcode, age, whether you have a child and if you are saving on your own or with a partner, the calculator compares salaries to house prices in the area you choose to calculate how long it will take for you or your children to save for a mortgage deposit.
An interactive map can also be used to show the length of time it would take to save up for a home in each area. A drop down menu allows you to choose whether you are saving by yourself or with a family.
What do you think can be done to help first-time buyers? We'd love to hear your views on this subject in the comments field below. The data from the NHF report can be found in our downloadable spreadsheet alongside figures from Shelter and the ONS used in this article.
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