Almost a quarter of first-time buyers take up to a decade to save up the deposit required to purchase their first home, according to research from Which? Mortgage Advisers.
Surveying more than 1,000 first-time buyers who had joined the property ladder in the last two years, the consumer group found that 69 per cent of respondents took at least two years to save up their deposit, while 23 per cent took between five and 10 years.
Furthermore, 29 per cent had received financial support from their parents – rising to 39 per cent in London – while another 8 per cent received cash contributions from other family members.
One of the main benefits of saving up a large deposit is that it can help home buyers find a better mortgage rate from lenders, as they are viewed as a more secure investment. However, it can be a real struggle to save up the money required.
“Our research reveals the real difficulty that first-time buyers have in saving enough money for a deposit,” said David Blake, principal mortgage adviser at Which? Mortgage Advisers.
“Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”