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Young families in Windsor and Maidenhead need to save for 18 years for house deposit

Young families in Windsor and Maidenhead need to save for 18 years for house deposit

Simon Meechan

Young families trying to get their foot on the property ladder need to save for more than 18 years to afford a deposit to buy their first home.

Research by the housing charity Shelter has found Windsor and Maidenhead to be one of the most difficult places in the South-east for first time buyers.

Outside of London only house hunters in Brighton and Oxfordshire take longer to afford a deposit.

According to Shelter it takes a twenty-something couple with one child 18.3 years to save for a deposit to buy their first home.

Couples of the same age without children need 10.4 years, while a single person needs an average of 17.8 years to scrape together a deposit.

The date is calculated using average earnings for 22-29 year olds with no savings.

Conservative councillor for Bray, David Coppinger, says his party and the Royal Borough are working to help young people access home ownership.

Cllr Coppinger, who is the borough's cabinet member for adult services, health and sustainability, said the council is signed up to the Starter Home initiative.

This, he says, will offer a 20 per cent discount to 100,000 first-time buyers across Britain.

The Conservatives, Cllr Coppinger says, have delivered 200,000 affordable homes nationally in four years, with 70,000 benefitting from the Help to Buy scheme.

He added: "Locally, we have a Do-it-yourself-Shared-Ownership (DIYSO) scheme which has enabled over 250 local people to get on the property ladder.

He added that in October the borough cut the minimum share in a shared ownership property from 35 per cent to 25 per cent, and invested £500,000 of Section 106 developer contributed cash into the DIYSO scheme.

Labour's parliamentary candidate for Maidenhead, Charles Smith, said: "We need to help people get on the housing ladder.

"Labour will build the homes Britain needs by getting 200,000 homes built a year by 2020.

"We will also get a fair deal for renters with longer, more predictable tenancies and a ban on rip-off letting fees."

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