Young savers may be best placed to become first-time buyers

09-Jun-2010

Published by Sam Franklin

Younger people could become first time buyers more easily than ever before, as a new report reveals they save the most out of any age group.

First-time buyer mortgages are more accessible to those with a larger proportion of the deposit in the bank; a report by Santander finds young adults aged between 18 and 34 are saving 16 per cent more than the average Briton, meaning the first rung could be within reach for many.

Shared ownership has often been seen as a solution to taking the first step into the property market. In these instances, young men may be better placed to contribute than their female counterparts, saving on average a third more than women each month, the survey reveals.

Reza Attar-Zadeh, director of savings and investments at Santander, commented: "The outlook for savings definitely remains positive with young people really setting the standard. These latest statistics prove that the recession has changed people's attitudes to saving and a new generation of savers not spenders has finally arrived."

The Santander group was established in Spain and now operates internationally. It has recently acquired British finance institutions Abbey and Bradford and Bingley.

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