It will take a person in their twenties more than ten years on average to save for a deposit for their first home, according to a report released by the Home Builders Federation.<br> <br> Broken Ladder – The Locked Out Generation reveals the time it will take in England for a young person to raise the money required to get on the property ladder if they save half of their net income after paying council tax, rent and other bills. In London, the time rises to 24 years.<br> <br> In 2002, a deposit could be saved in two and a half years. HBF commented that the increasing deposit gap had created a "locked out generation".<br> <br> The Federation's figures emphasise the stark effect the changed market has had on first time buyer levels. In 2002, the number of first time buyers on average per year was 543,000. Ten years later this has collapsed to 197,000.<br> <br> But HBF said that there were glimmers of hope in the market, with the Funding for Lending scheme easing conditions for mortgage lending, and the government-supported NewBuy and FirstBuy initiatives assisting buyers. HBF said that NewBuy cuts the average FTB deposit from £35,053 to …