A study indicates that it typically takes around ten years to accumulate a deposit for a mortgage.
In the heart of London, the dream of homeownership for many workers remains elusive, with some facing a wait of even two decades to save enough for a mortgage deposit while renting privately. This stark reality was highlighted in a recent analysis, showing that it would take 9.6 years of saving to reach the current average ten percent deposit for first-time buyers.
This figure represents a significant increase from 2012, when it took 6.8 years to save for the same deposit. The current average ten percent deposit for first-time buyers stands at £25,320, a challenging sum for many renters.
The struggle to save for a mortgage deposit has worsened in the past decade, according to Ben Twomey, director of Generation Rent. He advocates for measures in the Renters Reform Bill to address this issue. The bill aims to provide homes that allow renters to settle down, with provisions to stop landlords from evicting tenants without a valid reason, drive out criminal landlords, and improve the quality of private rented homes.
The measures in the pension reform law also aim to address these issues, with the goal of preventing the termination of rental agreements without valid reasons, removing criminal tenants from residential ownership, and improving the quality of the private rental housing sector.
Despite these challenges, there has been some progress. The median renter nationally could save £2,630 per year in 2022-23, a rise of 21% compared to 2012. This increase offers some hope for those striving to save for a mortgage deposit.
The image accompanying this article is of Nina Kitaeva, a symbol of the resilience and determination of renters across the UK. Her story, like many others, is a testament to the enduring spirit of those seeking a stable home in the face of challenging circumstances.
As the Renters Reform Bill makes its way through Parliament, it is hoped that the lives of millions of renters will be improved, making the dream of homeownership a little closer for many.
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