Generation Rent faces 59 years of saving to buy in London
Generation Rent would typically have to save for 59 years to buy property in London, a Clydesdale and Yorkshire Bank report suggests.
One in three (30%) Londoners aged 18-40 currently aren’t saving at all, with the majority (59%) blaming high rents on preventing them from saving more.
Almost a quarter (23%) have given up on raising a deposit entirely.
Even in the cheapest London borough, Barking and Dagenham, the report said 26 years of saving would be required to secure a 25% deposit.
In the Prime location of Kensington and Chelsea it would take 193 years.