A shortage of affordable homes is pricing young people in Northamptonshire out of the housing market for up to 10 years, a new survey has suggested.
The study by housing charity Shelter found couples in the East Midlands who start a family in their twenties could be saving for a deposit for almost nine years, and couples without a child face an average wait of nearly five.
And the wait is even longer for single people, who could need 10 years to save enough for a deposit.
The charity says the research models the finances of 22 to 29-year-olds across England who are either in a working couple, a couple with a child where one works full-time and the other part-time, and single people.
The study looked at earnings, house prices, rents, and spending on essentials.
Shelter chief executive Campbell Robb said: “Despite working hard and saving what they can each month, young people in the East Midlands face life-changing choices between starting a family or buying a home of their own.
“Meanwhile, single people face an added pressure to either find a partner or to live with their parents well into their thirties if they’re ever to have a hope of saving enough for a deposit.
“It seems the only ones with any hope left are the few who can resort to the bank of mum and dad. It is obvious the Government has to start meeting people halfway.”
Martin Lord, chief executive of Northampton Citizens Advice Bureau, said the report tallied with some of his experiences in Northamptonshire.
He said: “When we encounter people living in private rented accommodation, it will often be difficult to see any surplus in their income, and their ability to save will be limited.
“Most of the people who come to see us have debt problems - I don’t know if that is reflective. They are living beyond modest means.
“When you look at the increase in fuel costs, petrol, child care and stagnant wages, I can see how it would be impossible to raise a deposit. I can well understand why Shelter are saying this.”
Richard Greener, of Richard Greener Estate Agents, said young people needed to learn to manage their money better. He referred to the “have it now” society of instant gratification, where young people readily spend their income on mobile phones, video games and nights out rather than saving money.
He said: “The Government is giving interest-free loans to people who are buying new houses, so I think they have done their bit. But I think we should be wary of Government intervention in a free market. What they are doing is laudable, but it is saddling young people with debt.
“It will help a certain number of people, but to a degree, young people need to help themselves. If they do not adjust their lifestyles, they will never get on the housing ladder.
“I also think the education system is to blame. There is no course in school entitled ‘managing your money’.”