First-time buyers are saving more money

20-Mar-2009

First-time buyers are saving more money to get onto the first rung of the property ladder, according to a report by Birmingham Midshires.

The research says that ten per cent of young British savers are putting money aside for a deposit; this is up by two per cent from last year.

It also states that a quarter of young savers in Britain are saving to buy their first house, compared to a fifth at the start of 2008.

Tim Hague, director of savings at Birmingham Midshires, said a better understanding of the need to save money was a positive result of the financial crisis.

"The need for people to prepare for their financial future is increasingly important," he said.

The report comes a week after bank and mortgage lender Halifax suggested first-time buyers could save £1,799 a year by spring cleaning their finances.

Halifax recommended young people who wanted to step onto the first rung of the housing market should drink less alcohol, quit smoking, cut out takeaways, cancel gym memberships and drink tap water instead of bottled.

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