First Time Buyers Struggle for Deposit
New figures show saving period for mortgage desposit continues to increase
8th December 2005
New figures from National Savings and Investments (NS&I) show that the length of time it takes first time homebuyers to save for a deposit continues to rise, with the average time now touching 4 years and 9 months - 3 months longer than last year.
Although the rate of house price increases has fallen off recently, incomes and savings rates still haven't kept up over the medium term meaning it takes longer and longer to save the standard 5% deposit.
Nationally, the picture has evened out. Whereas buyers in the south and south east of England used to take longest, they have now been overtaken by buyers in the east of England who now take around 5 years. Saving times in the north and Scotland have also largely caught up, leading to a fairly even time nationwide of between 4 years and 5 years.
Read More: BBC : Cash battle for first time buyers
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