Typical Mortgage Deposits Take 5 Years to Save
New figures from Halifax show that first time buyers have to save longer than ever
30th January 2006
First time buyers are facing an ever more difficult task in getting on the property ladder according to figures released by Halifax, the UK's biggest mortgage lender.
The average length of time taken to save a mortgage deposit is now 5 years, which represents a doubling over the last half decade.
The reason for this increased saving time is of course the incredible rise in property prices seen over the last 10 years or so, with the average mortgage deposit needed no standing at nearly £24k compared to ££10,000 just 5 years ago.
Perhaps not surprisingly considering the increased difficulties first time buyers face, their numbers are at a 25 year low with only 320,000 buyers entering the market in 2005 compared to 532,000 in 2002.
The figures were released as part of the Halifax Annual First Time Buyer Review, which also covers affordability of property by type and location in the UK.
Read More: Halifax Press Release
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