- First time buyers of homes has fallen by 2/3.
- First time buyers must come up with a 25% deposit. The average house price being £165,000, that means the deposit is on average £38,000.
- The era of the 100% mortgage is gone. The 75% mortgage is here to stay.
- The average age of the first time buyer is 35.
I feel quite despondent about this, not because I particularly want to own a home, but because I am concerned about where we are going to live after we are no longer able to work. The savings we have now are being built up with a view toward pensions investments, not down payment on a house. And there's not enough there for that. Our pension gap is enormous.
I wonder where we are going to live and how we are going to live when we get too old to work. There are no children to take care of us or take us in.
I still have at least 25 years left in my working life to sort out the best thing we can figure out.