Young workers on an average salary would take 13 years from age 21 to save enough for a 10% deposit on an average-priced house costing £285,000.

This is according to new research from Interactive Investor which also reveals that young workers in London on an average wage could take 19 years to save enough for a 10% deposit on an average-priced house costing £523,325 – this means waiting until they reach 40 before becoming a homeowner.

Younger workers living in areas with cheaper house prices could save up more quickly. In the North-East, even though their average wages are lower, they could save up in an average of eight years from age 21, meaning they might be able to get their own keys by the time they reach age 29.

The 2022 English Housing Survey revealed that the average age for first time buyers was 33.5 years old in 2022 and 33.8 in London, suggesting that many rely on family help to afford to buy.

Interactive Investor head of pensions and savings, Alice Guy comments: “Homeownership is a distant dream for millions of young people who may never be to own their own home. Saving 10% of your take-home pay is a mammoth effort and difficult to sustain for the long haul, with all life’s ups and downs.

She adds: “Young people face a stressful juggling act with the triple whammy of high house prices, large student debts and needing to save if they want to start a family. And on top of this, they also need to start saving into their pension if they want to achieve a comfortable retirement in the future.