We wrote last week about the Help to Buy ISA that was the Chancellor’s offer to first time buyers, a consolation prize that does very little in the face of the sky rocketing house prices. With rents also on the rise – the LSL Buy-to-Let index published last week showed that there were the largest annual rent rises since May 2013 – there is even less chance of saving for that deposit.
The average cost of a first time home now stands at over £400,000 in London, with house price inflation at nearly 13%, so at the end of the 5 years of saving for your deposit with the ISA, the average cost of a first time home will be over the £450,000 threshold.
BBC 1 News tonight will be looking at the rise of Generation Rent and what this means for those of us stuck renting. Tune in 6pm to find out more!
