High private rents mean few families are able to save enough for the huge deposits needed to buy a home despite mortgage interest rates falling to historically low levels.
Currently there are 11 million people – including 1.5 million families with children – renting, with many forced to do so for the long term because they cannot afford to raise the deposits needed to get on the housing ladder.
LSL says that despite higher loan-to-value mortgages coming on to the market, many young people simply cannot afford the average £25,000 deposits needed to get on the property ladder.
The banking system is rapidly becoming insolvent: More than half of all bank loans are deemed to be non-performing, while both domestic and foreign deposits needed to fund these loans have been leaving the banks.
First-time buyers, most of whom will have saved years for a deposit, need to be especially wary of blowing their budget in a bidding war.
The minimum deposit needed to open the account is as little as £50.
The site has been soliciting donations in order to raise the £500 election deposit needed to run.
At least there's plenty of demand, but potential buyers can't afford the deposit needed to get a mortgage.
Property prices in relation to income are much higher and graduates shouldering student debt are in no position to save up the huge deposit needed to buy a home.
Nine out of 10 people renting property in Britain cannot scrape together enough savings to cover even a quarter of the deposit needed to buy the average first home, according to research.
