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May 21, 2015
2 minute read
The divide in house price affordability and pay has never been greater and as fast as they try to save, our younger generation can see their dream of home ownership slipping ever further away.
It takes the average first time buyer 5 years to save the 15-25% deposit lenders require for home ownership. By which time property prices have increased again and again – meaning that hapless home owner wannabes are caught in a vicious circle.
None of the current Government backed schemes answers the problem of home ownership affordability in the long-term. Prices won’t come down and salaries won’t rise to the level they need to.
The simple reality is that the amount of mortgage available to buyers needs to be higher but the monthly repayments still need to be affordable. This could be achieved in a number of ways:
The mortgage industry need to work with the Government to provide better, more affordable mortgage lending to produce a long term solution to this knotty problem.
Author: Sharon Buthlay
Property Lawyer and Director of Conveyancing Marketing Services Ltd
Author of ‘The HIP Way to Buy and Sell Your House’
March 25, 2025 
