UK first time buyers are facing a tough, challenging road ahead with rents across the country increasing and a massive shortage of available property. Not only are first timers faced with longer wait periods before gaining access to the first rung of the property ladder, they have to rely heavily on help from mum and dad to get by. These issues are only the beginning of burdens facing the group. The government scheme help to buy is scheduled to end at the end of 2016 as well.

First time buyers across the country are now facing even more of a challenge than just raising the money for an initial deposit on a property to call their own. According to the latest research from Landbay’s, rents all over the UK increased 0.12% in August which pushed the average rent to almost £750 per month. This is minor compared to the capital city which commands almost £2,000 per month.

John Goodall, chief executive of Landbay commented on the current conditions facing first timers, saying: “Rental properties have become an important stepping stone for first-time buyers saving up for their own home.”

Goodall added: “However, with a rapidly growing population and a chronic undersupply of new houses, property prices are growing even further out of reach for aspiring homeowners. With rents climbing too, even in the face of Brexit uncertainty, tenants saving up for a house face a triple challenge in trying to catch up with the pace of house price inflation, with more and more of their income spent on rent, and record low interest rates limiting their ability to save money.”