Saving for deposit on a home 'will take 31 years'... but in 1993 it only took eight

Millions of families will have to save for more than 30 years to raise the deposit required to get on to the property ladder, a study reveals today.

The report highlights the crippling impact of high property prices and the demand for large deposits on cash-strapped families.

In 1993, a typical family had to save for eight years to raise a deposit for a mortgage to buy a house. Now they have to save for 31 years.

As a result, many have little or no chance of ever being able to get on to the property ladder, says the Resolution Foundation think-tank.

Its report, published today, highlights how families forced to rent instead are paying such extortionate prices that they have less chance of saving for a deposit.    Read More