"Gen-Z are being locked out of home ownership, campaigners have warned, as first-time buyers now face paying up to six times more for a home than their parents. An analysis of rental, property and salary data by The Independent reveals that the average homebuyer in 1995 had to save just a third of their salary 5,000 to put down a deposit, while today's first-time buyers are forking out average deposits nearly twice as high as the average salary."
"But the average salary has barely more than doubled in that time, from 15,034 to 37,430, while the upfront cash needed for a deposit is more than 10 times greater on average. Rents are also soaring, with average monthly rates going from 1,025 to 1,343 in the past five years alone a 31 per cent jump, according to the UK-wide private renters index."
Average house price in England is 286,594, nearly six times higher than three decades ago when it was 50,679. Average salary increased from 15,034 to 37,430, barely more than doubling. Upfront deposit cash required has increased more than tenfold on average. In 1995 an average homebuyer needed to save a third of their salary, about 5,000, for a deposit; today first-time buyers are paying average deposits nearly twice the average salary. Rents have risen from 1,025 to 1,343 in five years, a 31% jump. Many Gen-Z face being locked out of homeownership unless rents are curbed.
Read at www.independent.co.uk
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