Londoners need 31 years to save for home deposit

Londoners without access to family money face a struggle to afford homeownership, with a typical first-time buyer in the capital needing 31 years to save for a home deposit, according to a new analysis by Cornerstone Tax. The survey also found that 62% of Londoners cannot afford to save for a deposit on their current salary, and 39% have had to spend their savings due to the cost-of-living crisis. David Hannah, Group Chairman of Cornerstone Tax, highlighted the lack of housebuilding in recent years as a contributing factor to the crisis. 

Evening Standard (01/03/2024)