The dream of owning a house runs through every generation after us and that dream is becoming harder and harder to realise, according to the most recent UK housing data. It is now an almost quarter century process to save the needed funds to afford a down payment or deposit on a first home, according to Resolution Foundation research. The most challenging factor before young first time buyers is the rapid escalation in house prices which is taking place each year. First timers will have to set aside more than 5% of disposable income each year to shorten the savings period.

This savings period is shorter than that of pre-crisis days, but longer than the average of three years which was the norm during the periods of the 1980s and 90s.

The government has instituted several help to buy schemes aimed at assisting those trying to save enough for a deposit, but the challenge is real and continues to be difficult for anyone looking to grab onto the first rung of the elusive property ladder.

Matt Whittaker of Resolution Foundation commented on the current state of purchase power most first time buyers own heading into the process, saying: “To the extent that these schemes have stoked demand and so propped up house prices in recent years, they have served to make homeownership even less attainable for many, while increasing the gains flowing to older homeowners who have been the main beneficiaries of the sustained housing boom.”

For those house owners looking to remortgage their home instead of moving home, now is the perfect time according to many housing experts.