Research has revealed a third of people who are looking to buy their first home do not have the necessary money for a deposit
The survey, conducted by Space Station, looked at 1,000 Brits who are preparing to buy a house now, compared to 1,000 Brits who bought their first home 20-30 years ago. It found first time buyers are now six times more likely to struggle to save for their deposit, compared to those who were buying 20-30 years ago.
As it stands, one in three (33 per cent) are saving for a home which has forced them to delay their challenge of saving a deposit. In comparison, only one in 20 who bought their home between 1988 and 1998 had the same struggles.
House prices have also risen far above the rate of inflation over the last 30 years. In 1988, the average house price was £45,000 - the equivalent of £117k in today's money. Nowadays, the average price is just under £210,000 - nearly twice the price.
While this is good news for people who are already on the housing ladder, it's not quite so handy for those who are trying to make their first steps. Yet instead of making the younger generation downgrade their expectations, they're instead spending longer saving up, to ensure they make a long-term purchase.
Nearly half (42 per cent) of those who are currently saving up have said they want their home to have its own driveway, while 38 per cent want a large garden and 35 per cent are aiming for a detached or semi-detached home.
In comparison to those who bought their home 20-30 years ago, only 30 per cent had a driveway, 21 per cent had a large garden, and only 29 per cent purchased a detached or semi-detached house over a terraced property.
The most desired features in a first home today are:
1 Driveway (42 per cent)
2 A large garden (38 per cent)
3 Three bedrooms or more (38 per cent)
4 Semi-detached (35 per cent)
5 Garage (23 per cent)
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".