First-time buyers 'should invest deposits wisely'

15-Apr-2008

Some 1.1 million first-time buyers have opted to suspend their property ownership plans for at least the next 12 months, according to statistics.

Research by Abbey Mortgages revealed that this accounts for around 67 pe4 cent of all first-time buyers.

The group stated that investing money saved for a deposit wisely could make an extra £2 million in interest on the collective £31 billion's worth of deposits accrued between them.

Commenting on the issue, Phil Cliff, Abbey mortgage director, said: "Those delaying purchasing a home would benefit greatly from moving their deposits into high interest saving accounts like Abbey's eSaver Direct which now offers a market leading 6.5 per cent interest rate."

Earlier research by Abbey indicated that 74 per cent of first-time buyers claim that speculation about house prices and economic uncertainty has led them to hold off.

Some 69 per cent are wary that house prices will fall, while 67 per cent feel that their finances cannot be stretched any further.

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