'Generation Rent' face an average wait of 59 years to get on the property ladder, a new study suggests.

In the most expensive London borough, Kensington and Chelsea, the wait to afford a 25% deposit on a flat would be up to 193 years, according to research commissioned by Clydesdale and Yorkshire Banks' Studio B.

Given current saving patterns, most London home-buyers would only be able to afford a deposit on a flat when they are in their seventies and would in effect be buying their retirement home.

A person saving for a deposit in the cheapest London Borough, Barking and Dagenham, would have to save for 26 years to secure a 25% deposit on a home, based on their current saving, compared with 193 years in Kensington and Chelsea

However the average age at which people expect to be able to afford a deposit is 37, and almost one in three Londoners (30%) aged 18-40 are not saving any money in an average month.

The majority (59%) cite high rent as the single biggest barrier to saving more and almost a quarter (23%) never expect to be able to afford a deposit on a home

Helen Page, Group Innovation & Marketing Director, said: “We are committed to helping people solve the financial challenges of tomorrow and take back control of their finances.



“We know how difficult it can be for younger generations starting out on their own. The whole point of Studio B is to work with the customers of tomorrow to find the most innovative solutions to the problems they face.”