Generation Rent: more bad news

“Twenty years ago the average deposit put down on a property by a first-time buyer was £2,095, according to Council of Mortgage Lenders’ figures, whereas today that figure stands at £24,300.

A deposit today takes up 61 per cent of a first-time buyer borrowers’ annual average individual or joint earnings, compared to just 12 per cent two decades ago.

And if you look at the chart of average first-time buyer income over the past 20 years, you can see a period emerge where the norm went from buying a first home on their own to buying as a couple. Today’s deposit would eat up far more of most individual salaries than 61 per cent.”