Report reveals the shocking time needed to save up to buy a first home


A new report has highlighted the difficulty of getting onto the property ladder, as a hopeful first time buyer will have to save, on average, around 13 years before they can afford to take out a mortgage.

The ‘Time to Save’ report, created by the estate agent Hamptons International, looked at figures from across the UK.

Unsurprisingly, the number of years a first time buyer would have to save to afford a deposit by themselves to get a home in the city of London was huge. A supposed 46 years would have to be spent saving up until someone would be able to afford a home by themselves.

However, coupling up and going to buy a home with another person can drastically reduce these figures. Across England and Wales, a couple can be expected to be able to save up in ten years less, meaning that in tandem, two people should be able to save a deposit in 3 years.

In London, the same couple would have to save for eight years, the report claims.

Furthermore, it has been reported that for the first time, the average asking price on a home entering the market has surpassed the £300,000 milestone.

Fortunately, the Help to Buy schemes can help people to buy houses with a much smaller deposit, combatting this trend in the market. However, prices this high will be keeping many people in the renting trap for many more years.

MORTGAGE ENQUIRY FORM

SPEAK WITH AN INDEPENDENT MORTGAGE SPECIALIST

  • FREE with no obligation
  • Discuss your requirements

MAKE AN ENQUIRY

Homebuy Guides

Home Buyer Insurance
Mortgage Glossary

SPEAK WITH AN INDEPENDENT MORTGAGE SPECIALIST

  • FREE with no obligation
  • Discuss your requirements
MAKE AN ENQUIRY