Getting on the property ladder is a job for two people. With a first London home needing a £90,000 deposit, the Bank Of Mum And Dad can only stretch so far.
Increasingly, 18 to 35-year-olds are waiting for The One or, at least, another one, before they quit renting – which is a more expensive option.
According to Halifax, 45% are making their home a joint enterprise, and the number is rising.
Singletons are feeling left out with 18% saying that the solitary life is a block on their bricks and mortar aspirations.
Halifax housing economist Martin Ellis said: “It’s not difficult to see why so many young people are now waiting for a partner to take their first step onto the property ladder. The average UK first-time buyer deposit reached a whopping £32,899 earlier this year.
“With many people trying to fund day to day living while saving for a deposit for a first home may not even be able to imagine raising this amount of cash on top of all their regular outgoings, first-time buyers in the UK are still on average £651 a year better off buying their own home compared to renting.”
A lack of income was seen as the biggest barrier for young people getting on the property ladder, with 55% of men blaming their salaries, compared with 70% of women.
Home counties price drop
Meanwhile, those prepared to leave the capital in search of a base can take some comfort from a current price decline in the home counties.
HouseSimple.com reports that estate agents are busy cutting prices to secure a deal with more than a third of homes in more than 100 commuter towns reduced in price since they were first marketed.
Reading is the property price cutting capital of the UK, with the percentage of properties currently for sale, which have been cut in price, almost double the level six months ago.
Other places to look include Basingstoke, Chelmsford, Woking, Winchester, Brighton and Maidstone.
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