By Jonathan Davies
Home ownership is becoming an "exclusive members' club", according to the National Housing Federation (NHF).
The NHF said first time buyers are now having to pay deposits 10x larger than during the 1980s. It believes that only the wealthiest among the next generation will be able to buy a home.
In its report Broken Market, Broken Dreams, the NHF said the average deposit for a first-time buyers is around £30,000 and they need to borrow around 3.4x their annual income.
It found that first-time buyers have to earn more, borrow more, pay larger deposits and rely more on family help than even a generation ago. Two thirds of first-time buyers need financial help from parents.
David Orr, chief executive of the National Housing Federation, said: "With the high salary, and huge deposit younger generations now need to buy even a modest home, home ownership is quickly becoming an exclusive members club. Sadly, it will depend on the wealth of the family you were born into as much as your own hard work."
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