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How Long Would It Take You To Save For A House Deposit?

Here's a clue: a very long time, especially in London. This is according to new data from Shelter.

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  1. 1. How long do you think it takes for the average single person in England to save for a deposit to buy a house?

    Correct
    Incorrect
    Two years
    Correct
    Incorrect
    Five years
    Correct
    Incorrect
    Nine years
    Correct
    Incorrect
    More than 10 years
    Correct!
    Wrong!

    On average, if you're a single person in England and you started now, it would take 13.3 years to save for a deposit.

    On average, if you're a single person in England and you started now, it would take 13.3 years to save for a deposit.
    Ingram Press
  2. 2. What about families? How long on average would it take a couple with one child to save up?

    Correct
    Incorrect
    Three years
    Correct
    Incorrect
    Six years
    Correct
    Incorrect
    Nine years
    Correct
    Incorrect
    12 years
    Correct!
    Wrong!

    It would take a couple with one child 12.3 years on average to save up for a house deposit.

    It would take a couple with one child 12.3 years on average to save up for a house deposit.
    Ingram Press
  3. 3. And then there's London. How long does it take on average for a single person to save for a deposit to buy in London?

    Correct
    Incorrect
    Six years
    Correct
    Incorrect
    10 years
    Correct
    Incorrect
    20 years
    Correct
    Incorrect
    More than 25 years
    Correct!
    Wrong!

    Quite alarmingly, it would take a single person on average 29.1 years to save for a deposit to buy a place in London.

    This goes down slightly for a couple with a child to 25.8 years on average.

    Quite alarmingly, it would take a single person on average 29.1 years to save for a deposit to buy a place in London.
    Ingram Press
  4. 4. How long would it take a single person to save up enough to buy a place in Hackney, one of London's trendiest boroughs?

    Correct
    Incorrect
    10 years
    Correct
    Incorrect
    20 years
    Correct
    Incorrect
    30 years
    Correct
    Incorrect
    More than 30 years
    Correct!
    Wrong!

    A single person or a couple with one child would on average take 34.4 years to save up enough to buy in Hackney.

    It would take as long to save for a deposit in Hackney as it would in Westminster or Kensington and Chelsea. At the other end of the affordability scale, it would take eight years on average for a single person to save for a deposit to buy in Bexley and Bromley.

    A single person or a couple with one child would on average take 34.4 years to save up enough to buy in Hackney.
    AFP / MIGUEL MEDINA
  5. 5. And for some contrast, how long for a single person to save for a deposit in the northeast of England?

    Correct
    Incorrect
    Two years
    Correct
    Incorrect
    Four years
    Correct
    Incorrect
    Six years
    Correct
    Incorrect
    More than nine years
    Correct!
    Wrong!

    It would take 9.3 years for a single person to save up for a deposit to buy in the northeast.

    And this drops down to 4.3 years for couples without children.

    It would take 9.3 years for a single person to save up for a deposit to buy in the northeast.
    Ingram Press

This research comes out today as Shelter highlights the lack of affordable housing in the UK.

The charity says "successive governments' failure to build enough affordable homes has left millions trapped in an unstable and expensive rental market".

For this study, Liverpool Economics modelled how long it would take for someone in their twenties to save for a deposit worth 20% of an average house, based on current and projected prices and the cost of living, in every county and borough in the country.

The projections are based on someone starting in September 2014 with no savings – illuminating how important inheritance and parental help is for first-time buyers.

Shelter found last year that parents of first-time buyers were ploughing £2 billion into the housing market, double what the government spends on building affordable housing.

Shelter's chief executive, Campbell Robb, said in a press release:

Homeownership used to be within most people's reach, but the rising shortage of affordable homes has pushed house prices up so high that for millions of young people it's now just a fantasy, however how hard they work or save.

Parents are right to be worried. The reality is that unless we get a grip on the housing shortage soon, children today could spend decades paying out dead money in expensive rents, or living at home well into adulthood with little hope of planning for their own families.

Patrick Smith is a senior reporter for BuzzFeed News and is based in London.

Contact Patrick Smith at patrick.smith@buzzfeed.com.

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