A third of people preparing to buy their first house are six times more likely to struggle to save for their deposit than those buying 20-30 years ago, self-storage company, Space Station, has found.
While one in three people (33%) currently saving for a home said they had been forced to delay by the challenge of saving a deposit, only one in 20 people (5%) who bought their first home between 1988 and 1998 reported the same struggle.
Vlatka Lake, marketing manager at Space Station, said: “We help a lot of Brits with their house move when they require storage, so we know all too well about the struggles and sacrifices people have to make in order to buy their first home.
“As the prices of houses shoot up, it’s not surprising to see so many people renting or living with their parents and struggling to save a deposit.
“It just shows how attitudes to buying a house have really changed over the years and how hard it is for first time buyers today.”
House prices have increased far above the rate of inflation over the last 30 years. The average house price in 1988 was £45,000, which is equivalent to £117,000 in today’s money.
Article published by mortgage introducer - 12 June 2018