Single earners across the UK are confronting an increasingly bleak reality in their quest to enter the property market.
Particularly for those without the cushion of family support, gifted deposits, or an additional income stream, the dream of possession feels like an ever-receding mirage.
Recent research conducted by Boon Brokers lays bare the formidable obstacles single buyers face, with some areas of the UK deemed impossible options for those earning an average wage.
The analysis comes after data revealed the areas in the UK with the longest saving period for first-time buyers, as well as the areas where the average age of first-time buyers has increased.
Unsurprisingly, London took the top spot on both occasions.
How long it takes single buyers to get on the property ladder in the UK
In major hubs like London and Bristol, the combined pressures of soaring property prices, sky-high rents, and steep living costs leave many renters running a monthly deficit — a situation plainly illustrated by London’s figures.
The average single renter in London brings in a net income of around £3,108 per month, yet after rent and bills, their finances are in the red.
For those hoping to save this income surplus towards a deposit, the outlook is grim without external support, and Boon Brokers labelled it ‘impossible’ for those earning an average income to buy in the capital on their own.
This is not just a London-centric problem, however. Bristol was also deemed an ‘impossible’ area to get on the property ladder as a single buyer.
Astonishingly, the time needed to accumulate a deposit in Cambridge stretches to nearly 157 years at current saving rates, while Manchester and Cardiff offer slightly shorter but still daunting waits of 35 and 34 years respectively.
Even in cities perceived as more affordable, like Liverpool or Glasgow, the timeline of three to four years to save a deposit is no minor commitment, especially given wage stagnation and rising costs.
According to Boon Brokers, this has crystallised a structural inequality in the UK’s housing market.
Instead of a meritocratic system where hard work and prudent saving lead to property ownership, outcomes now heavily depend on where individuals live and whether they can tap into family wealth.
The role of family support
For singles fortunate enough to live rent-free with family, the timeline does shrink — substantially so.
In London, deposit saving periods drop to around 16.7 years, with Bristol slightly lower at just over 13 years.
But these numbers still represent a significant lifetime commitment, and rest on assumptions about family finances and willingness to offer support.
Family wealth, whether manifested through accommodation or direct financial aid, has become a key determinant in whether aspiring homeowners can turn their dreams into reality.
Echoing this, a survey by TSB underlines the vital role of intergenerational support.
Eighty per cent of first-time buyers report moving back with parents to save deposits, and an overwhelming 96% have received financial help from family or friends.
However, the picture is complicated by current economic pressures.
Aldermore Bank’s findings reveal that nearly 60% of first-time buyers say their families have reduced or entirely withdrawn financial support due to rising living expenses.
This raises concerns that for many singles, especially those without a secure family safety net, the pathway to homeownership is narrowing.
The narratives of struggle resonate loudly among younger generations.
Data from Halifax indicates that 61% of under-35s feel priced out and daunted by the prospect of buying a home. Their fears are justified, as the data illustrates a yawning chasm between median incomes and median house prices in many areas across the UK — a gap translating into decades of saving just for a deposit.
This widening financial divide is challenging the traditional story that perseverance and hard work will yield property ownership.
For singles, the prospects are more often dictated by luck of birthplace and family finances rather than individual effort.
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