Single FTBs have to save for over a decade to raise a deposit

Single FTBs have to save for over a decade to raise a deposit

Ten and a half years is the amount of time the average single first-time buyer would have to save for in order to raise a deposit.

This is according to data from Hamptons International, which revealed that during the first three months of 2018, solo first-time buyers would have to save for just over a decade in order to raise a 15% deposit.

This duration is slightly down on the timescale observed in Quarter 1 of last year, which saw single first-time buyers having to save for eleven years; the drop has been attributed to the slowing growth in house prices and rise in incomes.

Commenting on the figures was Anisha Beveridge. The Analyst from Hamptons International stated: “Saving a deposit is still the biggest barrier to buying a first home. It takes a single person more than a decade to save up in the current climate. But the additional support from Help to Buy brings down the time it takes to raise a deposit by over six years for a single first-time buyer.

“Slower house price growth in the capital has meant that it’s now six months quicker for a couple, who share household spending, to save up for a 15% deposit in London. But it still takes a couple in London eight years to save up, twice as long as someone buying a home in the North.”

Georgia Owen

Georgia is the Content Executive and will be your primary contact when submitting your latest news. While studying for an LLB at the University of Liverpool, Georgia gained experience working within retail, as well as social media management. She later went on to work for a local newspaper, before starting at Today’s Conveyancer.

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