Five years brings first time deposit

01-Jun-2005

New research has discovered that aspiring first time buyers are currently saving for a record period of time to get together a deposit.

Click here for further information on finding a deposit

According to National Savings and Investments (NS&I), first-time buyers are now saving for an average of four years and nine months to accumulate enough for a five per cent house deposit - a massive nine months more than a year ago.

Senior savings strategist at NS&I, Dax Harkins commented: "Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year which means potential first-time buyers need to start saving sooner and harder to get into the market. "

First time buyers in East Anglia are the worst affected, where saving for a deposit is taking a record five years, but experts are claiming that many people can now look around to find an innovative way of finding a deposit.

Many people are currently struggling to get on the property ladder, but there is now an increasing range of options open to aspiring homeowners to find a step onto the ladder.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK's leading High Street Brokers, Bradford and Bingley

Creative mortgages are becoming increasingly popular, with an extensive range of options becoming available to first time buyers, and as such aspiring homeowners are being advised to find out more from mortgage lenders about the possibilities open to them.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

Click here for our first time buyers guide

If you want to post your comments on today's news in the FirstRung Forum click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar