Single people face long wait to buy a house

March 28, 2016 by Brendan O'Neill

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Recent reports indicate that it will take a single person longer to save to buy a house than a couple.

A person who is buying a property on their own will take an average of 13 years to save a sufficient deposit, whereas a couple will take just 3.5 years.

A report released by Hamptons International estate agents, titled ‘Time to Save’, indicates that couples typically buy a house 10 years quicker than single people. For those living in London, buying as a couple can knock decades off the house buying process. For a single buyer, it would take around 45 years and nine months to save a deposit, according to the report, while buying together takes around eight years to reach the target for a deposit.

According to Rightmove, the property website, the average asking price for a property in England and Wales coming onto the market is around £300,000. As prices are lower in the north of England, couples can save a deposit in two years, while single people will have a deposit within eight years and nine months. The report based its calculations on buyers having to find a 15% deposit before being able to buy a home. It also assumed that buyers were in full-time employment and saving 22% of their salary towards their deposit.

As there are now government schemes to help buyers save for a deposit and buy their first home, it is worth speaking to a CeMAP qualified mortgage adviser to see if the home buying process can be accelerated.