It’s not good news for the ‘average couple,’ says JLL research. A couple in their twenties, with no savings, earning average London salaries of £28,130 will be unable to accrue a sufficient deposit to secure a mortgage for a £450,000 maximum price Starter Home in London until 2028.

The same couple could buy a £250,000 maximum price Starter Home outside London by 2020, within the current Government’s five year parliament.

JLL research shows that a couple of the same age both among the top 25 per cent of earners, with salaries of £35,784 and no savings, would need to save for only six years to purchase a top priced London Starter Home. This figure would be halved to three years for a Starter Home outside of London.

Philip Wedge-Bernal (left), Residential Research EMEA Analyst at JLL, said, “The implementation of the Starter Home policy will go some way to addressing the ever growing disparity between house price and wage growth. This policy provides some short term stability, in the form of a capped upper limit, for prospective purchasers in a world of ever-moving goalposts.”

“It is important to note that average would be home owners in London could purchase a Starter Home in its bordering markets by 2020, an option that could prove extremely alluring. Furthermore, JLL’s research focused on savers coming from a standing start, when in reality many aspiring homeowners will already have existing savings.

”These opportunities will not be ubiquitous and many restrictions will apply to buyers gaining access to this scheme, but this forthcoming policy will help alleviate the financial burden of getting on the housing ladder for some.

“As the Housing and Planning Bill was defeated in the House of Lords, significant pressure has now been placed on Government to get the bill through both houses in a timely manner, ahead of local elections and the EU referendum.

“Peers supported two key amendments; the first would lengthen the tapering period and the second calls for councils to have a greater say in the number of starter homes are built in their area. Government’s reaction to this setback could be to lower their 200,000 Starter Homes target but ultimately, as things stand; the Conservatives will require greater flexibility with regards to their flagship housing policy to ensure it comes to fruition.”