5 steps to get on the property ladder by the age of 25
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Getting on the property ladder may sound like a distant dream, but experts say it’s more achievable than you think. Research from HSBC shows the average child could receive over £130,000 by the time they are 25 years old – which is enough to put down a deposit for a property, provided they save 25% of their earnings. The bank has teamed up with multi Olympic medallists and property coaches Steve Backley and Roger Black to show how young Brits achieve their home ownership goals. Although the savings don’t account for inflation, experts say that planning early – i.e, right from when a child is born – can help accumulate the cash he or she may need for the future. Research shows during the first year of its life, a baby will on average receive gifts, savings and treats to the tune of £1,325. Better start saving.
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