A new report has revealed the challenges of becoming a homeowner in London, as real estate expert and asset managerNick Millican explains. They stated that a single person will need to save up money for nine years before they can afford a home. 

This report is based on information that was submitted by 35,000 homebuyers. The average cost of a home for a first-time buyer is £425,000. According to Nick Millican, a buyer will have to put down about £42,500. 

It will take the average person about nine years to save as much money as they can. It is also important to note that this down payment does not include the other fees that are associated with buying a home such as conveyancing and survey. Rob Houghton is the CEO of Reallymoving and shares this information with real experts such as Nick Millican for them to better help their clients.

He stated that the cost of living is making it harder for many people to save up money each month. Up to now, many young people in London are spending nearly 80 percent of their income on housing expenses (Bmmagazine). 

Rob also stated that the current government is not taking any steps to make housing more affordable. Additionally, he stated that he hopes that both parties will talk about what they are going to do to help people who want to buy a home during the current election. A real estate professional can make the path to homeownership a lot easier. Nick Millican is a real estate expert who uses his expertise to help people become homeowners.