88% of young adults can’t afford to buy a home

Of course FTBs can't expect to buy an average home.  They should be aiming much lower down the ladder.

When was it ever easy for anyone to buy their first property?  Many of us only managed it because we received an inheritance, life insurance, compensation or a big win.

Actually no, most of us did it by working hard and  saving and compromising social life.
Life is all about choices.
Want a property, live like a churchmouse and then in about 10 years you will have saved enough.
Trouble is people still want it all and I'm afraid the banks won't facilitate that anymore.
So simple choice work hard and SAVE and then you MIGHT be able to afford a very cheap property in not such a good area.
Forget going out and spending money.
Get used to the reality or start buying lottery tickets!

things have changed a lot since I bought my first home ( a flat not an average house ) back in 1982. I saved like crazy with my wife to be  to get a 10% deposit agreed it would have taken a lot longer for a bigger deposit but we would have done that , house as a multiple of income  were cheaper but and this a big but interest rates were a lot higher it to service the loan seemed to take all our money even with the tax relief at the time I remember being really broke every thing we had was second hand no way could we afford a washing machine, but I guess back then you accepted that as after a few years of high inflation and wage rises to match things got better, we got paid weakly cash in hand so we never bought anything on plastic just the way it was back then.  Roll fwd 30 years the housing market is all over the place does the average house price mean that much £166000 would not buy much of any thing in the London area  which now days has spread to include what we used to call the suburbs. I get the impression its a different place to the rest of the uk. I moved from Hillingdon 23 years ago lived in the North west for 3 years loved it housing was good value there I now live in the Vale of Glamorgan love it here . I became an accidental landlord 23 years ago when I moved from Hillingdon when houses prices were crashing in the London area, I run a company that lets out houses, in this area it is possible to buy a very good family home for less than £100000 say around £90000 , dont believe me check it out on the internet I reckon a couple  like we were 30 years ago could save a 15% deposit that in 18 months that gives a mortgage of £76500 which I feel at todays interest rates would be affordable. so to try and sum things up
30 years ago interest rates much higher but houses cheaper  percentage  of take home pay to service mortgage , I wish someone would work out and use that as a measure. Back then I feel we saved harder and did without more, but most of use had good secure jobs many in nationalised industries, now days things are not so secure and we move around more, back then we got married in our early twenties so wanted to buy a house sooner, So much has changed but I feel average house prices and cost of a house as a multiple of wage are not always good measures percentage of income to service loan may be another measure to start using. well that that off my chest hope hope some of it made sense.

I think it will get easier for FTBs to get a home.  As prices fall those who saved will have a chance.  There will be a lot of distressed sales over the next few years with the mortgage rates going up.

It doesn't matter whether a distressed sale or not FTB will still not be able to obtain the finance as the criteria has been substantially reduced.
Interest rates won't be going up or rather they might if banks increase their SVR's but the BBR won't change.
If borrowers can't afford things they will go on the social and have benefit pay the mortgage interest.
Plus the banks won't increase their rate as they know they would have massive defaulting which reduces the value of their loan book.
No things will remain the same.
Therefore a FTB must SAVE, SAVE, SAVE.
Prices won't go anywhere so it is a great chance for FTB to save a big deposit.
Problem is most won't, they will want to have a social life; well you can't have one of those if you want a house.
So no more latest ipads and iphones, have the free offerings like I do.
No more binge drinking
No more holidays.
No Sky subscription
For at least 5 years.
How many FTB are actually that determined and are willing to sacrifice their lives for the sake of a property.
Not many I shouldn't wonder!?
I wonder brit how much have you managed to save towards a possible property purchase?

 re "I wonder brit how much have you managed to save towards a possible property purchase?"

£60k and saving more.  You can have a social life and save.

Mortgage rates will go up with the European collapse.  The cost of borrowing will simply go up as it costs the banks more to borrow.  The cost will have to be passed on.

House prices will continue to fall, the economics determine it.

 I remember it well. Beer or beans on toast for supper and interest rates in the teens when I first bought a flat. I sound like an old git every time I say it.
My neice has just bought her first home. She and her boyfriend lived with mum, saved like mad and have managed to buy a shared property. It's a first step. They are tickled pink and have every right to be chuffed how hard they have worked to get their dream.

It's alright everyone saying work hard and save hard, I have been for 5 years whilst also paying £700 rent. When you haven't got family to go to and are doing this on your own then give people a chance. I don't want 'it all' I just want a home that I can call mine like most FTB's. give us a break before shouting your opinions

Victoria; i bought my first house without ANY parental assistance.
I saved; saved, saved.
I made it by the skin of my teeth.
The first year I could not even afford £100 contents insurance..................................not that I had anything that was worth insuring!...............................got flooded out 2 weeks later and got £4000 from company who caused the flood with their duff plastic pipe.
Took 4 years but I got it all!!
Unless you are on a very good wage very few people can rent and save and certainly NOT rent; save and have a social life!!