February 2014
Featured in this insight: Charity & not-for-profit, Financial services
Raising the deposit ‘main problem’ for new homeowners: survey: According to a survey carried out by ICM for the Castle Trust, more than a quarter (27%) of adults has given up on ever getting on the property ladder – including 28% of people ages 25 to 44.
Among respondents, more than half struggling to get on the property ladder said that raising a deposit was the main problem. Just over a tenth (12%) though they would have to borrow from parents, 5% from grandparents, and 9% said they needed to wait to receive an inheritance.
A separate study carried out by the charity Shelter, which compared average earnings and house prices between 1997 and 2012, found that average earnings would need a £29,000 pay rise to keep up with soaring house prices.
Campbell Robb, Chief Executive of the Charity said:
“When you’d need to more than double your salary just to keep up with rising house prices, it is no surprise that the dream of a home of their own is slipping further out of reach for a generation.”
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