Analysis and action on living standards
Housing affordability varies substantially by tenure, age and region. Private renters, young people and those living in London face the least affordable housing.
The number of years taken to save for a first-time buyer deposit has risen substantially since the 1990s but flattened over the last few years
Assumes the average non-owning household headed by a 28-32-year-old saves 5 per cent of their annual income, earning annual interest based on prevailing interest rates, and purchases a home with a 10 per cent deposit at the average UK house price until 2010, and the average UK first-time buyer house price from 2011 onwards. Deposit rates for 2023 and 2024, which are included in the five-year averages for the 2021 and 2022, are projected based on market expectations for Bank Rate as of 01 May 2025. Appropriate stamp duty charges are added to the deposit if required.
RF analysis of HM Land Registry, UK House Price Index; ONS, Family Resources Survey; Bank of England yield curves; Bank of England, Bankstats.
Download the data.
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