If You are a First Time Buyer And Struggling To Save A Deposit, Don’t Worry You Are Not On Your Own
It takes on average a first time buyer ten years and three months to save up a 15% deposit.
This may seem like an awful long time and yes it is but believe it or not this is actually six months less than it was two years ago. This tells us that affordability for first time buyers has improved.
In the East, East Midlands and Wales to save the deposit it was actually nine months quicker than it was two years ago. There were two regions that have stayed where the time to save has remained the same, they are The North East and North West.
Another area to consider is the Capital where a first time buyer would need fifteen years and nine months to save the required amount, rather than sixteen years two years ago. This is mainly down to the slowing down of house price growth and the increases in people’s salaries.
Although primarily across the UK the time to save the deposit is decreasing it is still the biggest barrier for those wanting to get on the property ladder.
A Head Of Research within the industry recently quoted
“Saving a deposit is still the biggest barrier to buying a home, but things did improve in 2018. Slowing house price growth – which is expected to continue – combined with rising wages, meant that last year it was six months quicker to save for a home than it was two years earlier.“