Guide to best London boroughs for saving house deposit

Young people trapped by high property prices. Photo: PA

Young people trapped by high property prices face saving up to 30 years before they can afford a deposit, charity Shelter said today.

The research showed that people in their 20s have become locked out of home ownership.

Couples without a child face saving for six and a half years, according to the report, while couples living in London would have to spend 11 years saving for a deposit.

The report suggests that it will take more than 40 years for single young people to save up for a deposit to buy a house in the Borough of Kensington and Chelsea.

According to the figures, households will spend the following years saving up:

. Credit: Shelter
. Credit: Shelter
Figures for the number of years needed to save for a house deposit by local area. Credit: Shelter

A London breakdown of how long it would take average first-time buyers to save for a deposit in their local area:

  • Average first-time buyer house price: £278,417
  • Average first-time buyer deposit: £55,683
  • Years for a couple to save average deposit: 10.8
  • Years for a couple with a child to save average deposit: 20.5
  • Years for a single person to save a deposit: 29.5