Saving vital to get on the first rung of the property ladder

08-Dec-2005

Aspiring homeowners must ensure they have a realistic saving plan in order to raise a deposit and purchase their ideal property.

Click here for further information on finding a deposit

A report released by National Savings and Investments (NS&I) highlighted the importance of saving in order to get on the first rung of the property ladder.

It advised first time buyers to save "sooner and harder", warning that many potential buyers do not realise how long it will take them to raise the money for a deposit.

If you are interested in buying a new house within a 'gifted deposit' scheme whereby you don't need to come up with a deposit but just pay a nominal fee of £5000 click here

Figures showed that the average time it takes to save for a five per cent deposit on a house is four years and nine months, which is a three month increase on last year's results.

The report also indicated that the north-south divide was narrowing, as prices in the north have grown ahead of income increases and prices in the south have slowed due to buyers being priced out the market.

Dax Harkins, senior savings strategist at NS&I, advised aspiring homeowners to seek advice on how to finance the purchase of their property.

To find out what you can borrow, even if you are in an adverse credit situation click here

For our first time buyers guide to buying a property click here

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