First time buyers in Merseyside face years of saving before they can put down a deposit on a home. Statistics reveal the average couple in Liverpool need four years to raise 20% deposit typically needed to get onto the property ladder.
Walton MP Steve Rotheram claimed difficulties for first time buyers were threatening community cohesion as people spent more time moving around privately rented properties. Figures from housing charity Shelter reveal the average single person in Liverpool needs nine years to save the average deposit in the city of £13,532.
In Sefton couples have to save for 4.8 years, the longest on Merseyside, while with an average saving period of 3 ½ years in St Helens emerged as one of the best places in England to get on the property ladder. Mr Rotheram said the double whammy of rising rents and tighter lending criteria by banks was threatening community cohesions across Merseyside.
First Time Buyers Face a Struggle on the Property Ladder
He added, “As private sector rents increase and people are forced into it not only are there problems with trying to move in the future but (also with) trying to save up while playing affected rates. The knock-on effects are that people are having to move to areas with cheaper rents and we are getting a breakdown in communities because people are constantly moving in the private sector.”
Mr Rotheram added: “The Government needs to do more to force banks into spending appropriately the money that we as tax payers are investing into the bank sector.
“The difficulty is that what people are having to do while saving up is trying to find accommodation in the private rented sector.
As prices there are being forced up by things like the bedroom tax that’s obviously causing them an added difficulty and it’s only going to get worse.”
Officials at Shelter claimed the problems in the housing market threatened to create a generation doomed to rent and argued the problem was partly down to a lack of affordable homes.
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