Years Of Saving For First-Time Buyers

A new report claims it'll take an average Devon adult 27 years to save enough money to expect to get onto the property ladder here.

The National Housing Federation says anyone who starts saving at 21 in the South West may not be able to afford a place until they're 48 if they're buying by themselves.

That average age for OUR region's the second highest in the country, behind London, because property prices here are so high, and average wages are so low.

The federation's research is based on how long it'd take to save a 20% deposit, and also earn enough money to qualify for a mortgage for a place.

Nationally, it seems the ladies have it even tougher than the men though. Blokes'll be able to afford a property at 40 in the UK, whereas women'd have to wait an extra 7 years.

Belinda Porich, from the Federation, said "housing to both rent and buy has a key role to play in tackling the current housing crisis, but funding cuts could lead to a dramatic slump in the supply of these desperately needed properties.

"If we don't safeguard the building of affordable homes then thousands of younger people will be locked out of the home ownership market for decades or added to waiting lists already at record levels. The report shows how life has dramatically worsened for the 'missing generation'."

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