Analysis and action on living standards
Housing matters for family living standards both in the here and now, and in the future. Here, we provide national and regional indicators tracking housing tenure; the number of families with children living in the private rented sector; day-to-day housing costs; and the years needed to save for a typical deposit.
For many young people renting for longer, and joining the housing ladder later on in their lives, if at all, the deposit needed to purchase a house is a key limiting factor. Given wages have grown much slower than house prices over the past decade, saving for a deposit puts home ownership out of reach of many younger people. The data here looks at how many years it would take for someone on a typical income to save for the typical deposit for a typical young first-time buyer.
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Calculated by applying average first time buyer loan-to-value to average first time buyer house price in each year. Appropriate stamp duty charges are added to the cost of the required deposit.
RF analysis of HM Land Registry, UK House Price Index; The effect of taxes and benefits on household incomes, Lloyds Banking Group; Family Resources Survey; OBR, Economic and fiscal outlook.