Buyers 'must save for longer' for first home

18-Jul-2007

First time buyers must now save for an average of four years and eleven months if they are to get onto the property ladder, new research has suggested.

This represents an 11 month increase on 2005 figures, according to a study by Stroud & Swindon, with the problem even worse for those in the capital.

Londoners must save for seven years and five months in order to build up enough funds – more than twice the amount of time required in the East Midlands (three years eight months).

"The problems this sector of the community face was further confirmed in our most recent consumer research. This revealed that 30 per cent of Britons said that a lack of finances delayed the age at which they could afford to buy their first home," commented Stroud & Swindon sales and marketing manager Paul Chafer.

"When saving for a house deposit, first time buyers must shop around to find the most competitive savings accounts, in order to bring themselves one step closer to that first rung on the property ladder," Mr Chafer added.

Meanwhile, separate research from Zurich Insurance has found that 13 per cent of those just getting onto the property ladder have failed to take out contents insurance.

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