Single renters face decades-long wait for homeownership in most cities – Boon Brokers

It could take a single person more than a lifetime to buy an average home in some UK cities, and in places like London and Bristol, it was impossible, according to data from Boon Brokers

Single renters in Cambridge needed over 157 years to save enough for a deposit. 

In Manchester, it was over 35 years, and in Leeds, over 20 years. 

The highest monthly amount a single renter could save was £798.82.

Average net income for single renters in London was £3,108 a month, with £2,087 spent on rent and £1,058 on living expenses, leaving a deficit of £37. 

In Bristol, the deficit was £261.60. 

Renters in Cambridge could save £224 a month, but the average deposit needed was £298,546, meaning it would take more than 157 years to save. 

In Manchester, a single renter would need around 35 years of saving, and in Leeds, over 20 years. 

Birmingham, Sheffield, Newcastle, and Nottingham saw timeframes between 10 and 20 years.

Single renters in Liverpool, where the average house price was £182,000, could buy in just over three years. 

In Glasgow, where the average price was £191,000, it was just under four years.

For single earners living rent-free with family, timelines shortened but still depended on support. In London, it still took 16.7 years to save a deposit. 

In Bristol, 13.4 years. In Cambridge, 13 years. Manchester and Leeds dropped to under five years, while in Glasgow and Liverpool, it was just over a year.

The report found that living rent-free depended on family support, and saving was still difficult in high-cost areas. 

House price inflation meant that even regular saving could not keep up.

Gerard Boon, managing director at Boon Brokers, said: “The data from our research highlights just how challenging homeownership has become for single earners. 

“Without a gifted deposit or the support of a partner to boost mortgage affordability, buying an average property is likely to remain out of reach until later in life.”

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