NEW research shows the importance of schemes helping people to get on the housing ladder.
Hard-pressed Brits are being forced to rent for an average of four years before they can afford to buy their first home, the research from one of Britain’s biggest house builders has revealed.
In the most extreme cases, people have been renting for up to 40 years and handed over a staggering £150,000 to landlords before getting their hands on their first home, the research by Persimmon Homes shows.
Persimmon says the figures show how important high-profile new schemes such as Help to Buy are in making home owning more affordable.
Key findings from the research show:
Almost a quarter of people (22 per cent) bought their first home between the ages of 25 and 28, but 17 per cent were over the age of 32.
Up to 60 per cent of people took between one and three years to save enough to enable them to buy a new home, with over a quarter making financial sacrifices to do so.
On average an estimated £18,000 is spent by each individual before they buy their first house.
People start planning their financial futures at 22.
33 per cent of people wished they had started saving earlier to buy a home.
More than three quarters of people (80 per cent) learnt the value of saving from their parents.
Neil Follows, managing director of Persimmon North West said the research showed just how difficult many people found it to take their first steps on the property ladder.