An average single person looking to save up for their own home will spend decades doing so in this day and age leaving generations hoping to move onto the property ladder with little hope. There is concern that owning a home is becoming more of a wish or dream than a true reality for many young people in the UK.  This concerns everyone, not just those hoping for a home.  It could cause a loss to the UK of the younger generations as they move on to other countries where they have greater opportunity to build a lifestyle they desire, which would include home ownership within a large city offering job opportunities.

According to a report commissioned by Shelter, titled A Home of Their Own, it was revealed that a single Londoner would have to save for almost thirty years before having enough money to secure the purchase of a home in the capital city.

The report examined three types of households, a childless couple working full-time, a couple with one child with one parent working full-time while the other works part-time, and a single adult working full-time.             

Liverpool Economics, which completed the study, used the three distinct types of households for their data and estimated the adults to be in their twenties saving for a 20% deposit.

It was determined that for the couple with one child it will take more than a decade if they live in more than 70% of the counties and unitary authorities across England.

The couple without a child would be able to save for a home deposit in 13.5 years in London, while the couple with one child could save for a London home in 25 years and eight months.

Other areas outside of London would allow home ownership quicker, such as in the North West where a single person could save for a deposit in 9.8 years.            

Shelter’s chief executive Campbell Robb stated in an interview with The Guardian, “Homeownership used to be within most people’s reach, but the rising shortage of affordable homes has pushed house prices up so high that for millions of young people it’s now just a fantasy, however how hard they work or save.”