Generation Rent is doomed to “a life in expensive
renting” as the average house price grows far beyond the average salary. By
2020, first time buyers will need to earn £64,000 per year to keep up with
increasing property prices. This is an increase of nearly a fifth on the £52,000
needed for a typical first time buyer’s mortgage in 2015, research finds. On
top of the £64,000 to pay each month for their mortgage, they would need a
deposit of £46,000 to secure the home with house prices projected to rise to
£270,000 over the next four years. Projections
were published in Santander’s Property Millionaire: The Growing House divide
report. Download the report from the Santander website.
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