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North Yorkshire are waiting to get on the property ladder with 'bae'

North Yorkshire are waiting to get on the property ladder with 'bae'

Published at 3:27pm 25th August 2017. (Updated at 12:20pm 29th August 2017)

You might have heard of the 'Bank of Mum and Dad', but have you heard of the 'Bank of Bae'?

A recent study by Halifax Generation Rent shows that almost half of under 25's in North Yorkshire wait to get on the property ladder with their partner.

An increased number of people are also relying on living with their parents until they can afford a deposit on somewhere.

There's been a decline in the number of people buying their first home compared to 10 years ago.

On average, deposits in Yorkshire now cost around £20,000.

Government schemes are available to help people step onto the property ladder.

These include Help To Buy schemes which provide financial support for people saving for a deposit.

However Martin Ellis, Housing Economics expert, says house prices have risen over the years and that deposits are still a barrier for a lot of people: "We have seen a decline in a number of people who own their own homes, and pairing up with their partner is one response which will enable people to start climbing up the property ladder.

"A lot of people on their own will find saving for a deposit really hard to fund on their own.

"House prices in relation to people's earnings are much higher than they have been in the past.

"The bank of bae is a good way onto the housing ladder for a lot of young people."