Source: Adam Smith Institute
by Madsen Pirie
“The idea of the ‘property ladder,’ buying a starter home, then trading up over time to larger ones, was a huge part of UK culture from the late 20th century through the early 2000s. It has not disappeared entirely, but for many people it barely functions in the way that it once did. The average property now costs nearly eight times the average income, making it one of the toughest financial challenges of our time. According to the Resolution Foundation, it now takes the average first-time buyer about nine years to save for a deposit, and more than half of all first-time buyers under 35 rely on family help, the so-called ‘Bank of mum and dad,’ to enter the property market. Barclays research from 2025 found that many first-time buyers are no longer perceiving their first home as the start of a journey, but as the final destination.” (04/13/26)
https://www.adamsmith.org/blog/goodbye-to-the-property-ladder