And I just explained in another thread how young people would have easily $80k more if college wasn't bullshit. Guess what that $80k would be used for then? A down payment on a house/condo/townhouse.Right, except (as has been pointed out) in order to buy you need an enormous amount of up-front money.
My rent is more than mortgage repayments in the same area. But I cannot get a mortgage, because I cannot stump up hundreds of thousands at once, which the market has determined is necessary to prove I can afford mortgage repayments. Even though I'm already paying more per month than those payments would be.
Also, can you get a down payment on a place that's not in London?