`Tis the season to be jolly - (unless you're a FTB) No room at the inn for millions More than 2.7 million adults are hanging up a stocking at their mum and dad's this Christmas because of the housing crisis. Over 1 million women and 1.7 million men aged between 20 and 34 are still living at home as a housing shortage and mortgage famine mean - for young families looking for a home of their own - this is not the season to be jolly. The average age of a first time buyer (FTB) purchasing a home without financial assistance is now 37 meaning more and more young people are leaving it later to get married and start families. And with the average FTB deposit now at a whopping £37,000, the financial reality of buying a first home is shocking many of those expecting to get a foot on the property ladder This means that without taking into account living or renting costs, FTBs aged between 22 and 29 have to save 45% of their take home pay every month for five years to afford a deposit - not leaving anything for festive gifts. For all the wrong reasons, it's a record breaking Christmas as house-building is at its lowest since 1923, mortgage lending is set to be at its lowest level for 30 years meaning FTB numbers are lower than a fully loaded sleigh. Stewart Baseley, Executive Chairman of the Home Builders Federation said: "2010 has seen a perfect storm of low house-building and low mortgage availability combine to make it the hardest ever year for first time buyers. More than 2.7 million young adults are still living at home. "The Government needs to make helping first time buyers their new year's resolution - ensuring that policies enable us to build the homes the country needs and mortgage providers are actively increasing their lending to first time buyers."
