Owning your own home could become a thing of the past in Wales as the cost of a deposit for first time buyers soar in Wales a leading councillor has said.
Figures released by the Halifax bank today show the average deposit for a first time buyer has gone up by a quarter in a year.
People looking to set up home are now expected to pay an average of £32,663 for a deposit, up £6,634 or 25% on the previous year, the biggest jump of anywhere in the UK.
Cllr Aaron Wynne, Plaid Cymru candidate for Aberconwy, said: “People in Wales are looking at the prospect of having to live at home or house share into their forties now.
“What hope is there for young people to start having families and get on the property ladder when we’ve got eye watering house prices like this. We need a housing revolution.
“Councils need to be given the support to get building affordable housing on a huge scale to meet the demand that is out there for homes. I am in the same situation myself, living at home, trying to save for a deposit.
“But it’s so frustrating, every year the goalposts get moved and what had been the promise of homeownership for previous generations has turned into an unreachable dream that really may never happen for most of us unless action is taken to make sure homes are affordable.”
Halifax press release: https://bit.ly/2YgdIU2