Partly Cloudy

Partly Cloudy

max temp: 7°C

min temp: 2°C

Search

Generation rent face uphill battle to buy first property as house prices rise again

PUBLISHED: 07:28 16 November 2018 | UPDATED: 15:21 16 November 2018

Latest figures show the cost of the average starter house in Ipswich has risen 4.7% over the last 12 months Picture: GETTY IMAGES/iSTOCKPHOTO

Latest figures show the cost of the average starter house in Ipswich has risen 4.7% over the last 12 months Picture: GETTY IMAGES/iSTOCKPHOTO

This content is subject to copyright.

Millennials face an ‘impossible task’ buying a first house first home in Ipswich, with the average starter home in the town costing £60,000 more than the national average.

Latest figures show the cost of the average starter house in Ipswich has risen 4.7% over the last 12 months to £170,427.

The news comes as a survey conducted by Compare My Move revealed that first-time buyers need to save up for an average of three years and nine months to raise the money needed for a 15% deposit on an average home - and in that time they will spend £18,000 on rent.

Megan Aldous, of Ipswich, is saving for a deposit on a house with her boyfriend.

She said: “We have been saving for about a year and a half and we haven’t got very far.

“I think that if people really want to save up it is possible, but they might just have to cut back on going out for meals or not go on holiday.

“It is difficult when things go wrong though, like if your car breaks down.”

The average salary for 22 to 29-year-olds in Ipswich is £1,558 a month. But, after deducting £400 for rent and £583 for living costs, prospective buyers are only left with £575 a month for savings.

This means it would take 45 months to save up the £25,000 needed for a 15% deposit for a first house.

Ipswich Estate Agent, Simon Clow, of Palmers and Partners, said: “About a quarter of our clients are first time buyers. The only change that we have seen is a big increase in people being given the money from families for a deposit .

“Saving up a deposit at the moment can feel like an impossible task with rent prices as they are.

“Ipswich is still a good place for first time buyers because it is still relatively cheap in comparison to some towns in the area. Colchester house prices are 15% higher than Ipswich.”

Another Ipswich resident said: “At the moment, I manage to save between £200 and £400 a month, but I often dip into my savings and struggle to keep it topped up.

“I’ve got friends in the area who have no idea when they’ll get a house, with lots staying at home, and others living paycheck to paycheck.”

To see the full set of data online, click here.

Police have been called to three overnight ram raids at shops in Ipswich, Combs Ford and Brantham.

Yates in Ipswich was packed at the weekend with many dancing, drinking and having a laugh. Do you recognise anyone in the pictures?

Police were called to reports of a fight outside an Ipswich pub in what one witness described as “chaotic” scenes.

A shop assistant who witnessed a row between members of two rival groups in an Ipswich town centre store a few hours before 17-year-old Tavis Spencer-Aitkens was stabbed to death has described her shock at the incident.

Shoppers flooded into Tower Ramparts shopping centre when it first flung open its doors more than 30 years ago.

The latest research by Historic England shows that tourism is booming in the East of England, with the number of day visits almost doubling from 10m in 2012 to 18m in 2016.

Ipswich Hospital patients were treated to a visit from the stars of Ipswich Town as they made their annual trip to give out presents on the wards.

A spate of burglaries in Ipswich has left Suffolk police urging residents to be vigilant and secure with their homes and property as the evenings draw in.

Gritters are out on Suffolk’s vital roads tonight and tomorrow morning ahead of dropping temperatures and a risk of icy conditions.

Jewellery and cash were snatched from a home as burglars smashed their way into a property.

Most read

Hot Jobs

Show Job Lists

Topic pages

Newsletter Sign Up

Ipswich Star daily newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

MyDate24 MyPhotos24