If you are a first time buyer it's worth looking into this (other products are available)

[Link]

I was fairly lucky with buying my first house, I worked abroad for 5 years tax free (So saved for a deposit) and when I came back in 1990's house prices were rock bottom. No planning involved just very lucky. My mistake was not to keep moving and upsizing. Ohh well.

First flat in early 90's bought off plan, developer paid 5% deposit and included all white goods.

Doubled in value and sold in 1999 when first house bought. Up sized to a much bigger place 4 years later. Did that up and flipped it fairly quickly.Now in very nice place, still with a small mortgage but in equity terms up there with the best.

But value now is irrelevant it's for the kids as I will be carried out of this place in a box.

Its good, safe etc but I could make more money than that in a stocks and shares ISA Dan.

How many of you young'uns (or middle aged?) still have aspirations to own your own house or have managed to do it recently?

I'm an old fart and bought my first house in 1977 when I was 23.

Things were very much different then.

It wasn't a struggle, plenty of houses on the market, I had a good job working for L&G who loaned me and the mrs the money at good rates, MIRAS (tax relief on interest payments) and I had saved a decent deposit (20% of house value).

These days it seems a struggle for someone in their 30's to afford to buy a house which cannot be good - I was always taught that paying rent was dead money and took my chance to buy as soon as I could.

What has changed the most and created this situation comparing 1977 to 2016.....?

The population of the UK has increased from approx 56M in 1977 to over 65M now and it will continue to grow unless we do something drastic now to halt this phenomenon.

Our membership of the EU means that currently our population is growing by over 300,000 people per year as ever more economic migrants come to work and live here. Obviously that ignores any illegal immigrants that have sneaked in unnoticed or visitors whose Visas have expired and are still here.

We are currently building houses at the rate of 120,000 per year (official data from Government in 2014 -latest available) and it is reckoned we need to build 250,000 to cope with the extra demand.

So every year we are building less houses than we need to keep up with demand and this has the effect of increasing house prices - ie simple economics of demand v supply.

Obviously there are other factors to consider, but for me the main problem is the rate our population is increasing will only make housing more expensive and therefore out of reach for most working adults from hereon in, unless we take steps to halt it.

If I was young and renting I would OUT for the EU referendum on that basis alone. Forget about all the other factors... if you want to own your own house you will be shooting yourself in the foot voting to stay in the EU.