‘The problem is that once you’re paying a hefty rent for a family home, it’s a massive struggle to save enough for a deposit. ‘Being a homeowner is increasingly out of reach for many young people. ‘Only, unlike Victorian times, the new aristocracy are not the landed gentry, but the older generations, who managed to get on the housing ladder when prices were more affordable, in the 1970s to early 2000s. It has previously announced that it is withdrawing from lending on second homes in order to direct more funds towards first-time buyers.Īlice Guy, personal finance expert at Interactive Investor, said: ‘We’re returning to a time when only the very rich could afford to buy their own home. The lender is calling for the UK to develop a long term plan for housing by building more homes, helping first time buyers save for their deposits and coming up with affordable ways to help them get on the housing ladder.

‘It is now the hardest time to afford a home since our founding year in 1875, a sad reflection of decades of inaction to tackle the UK’s housing crisis.’ The worsening affordability of homes was not enough to stop Leeds reporting record mortgage lending of £5 billion and profits of £220.5 million as it published its 2022 financial results yesterday.īut chief executive Richard Fearon said: ‘The past couple of years have been challenging for everyone and we face into what could be prolonged economic headwinds.

Today a typical salary has surged to £31,928 but things are almost as bad for buyers as a residential property is valued at an average £294,329. The figures showed average home values last year were 9.2 times higher than average earnings

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