Five-year wait for many first-timers

Nearly a quarter of first-time buyers think it will take them at least five years to save the deposit they need to get on to the property ladder, a survey suggested this week.
By The Newsroom
Published 6th May 2011, 20:35 BST

Around 23 per cent of people hoping to buy their first home expect to have to save for more than 60 months to accumulate the high sums they need to qualify for the best mortgage rates available, according to Spanish bank Santander.

Just over half of first-time buyers said they planned to use their savings for their deposit, with the average person predicting it will be around 40 months before they have enough money set aside.

Hide Ad
Hide Ad

Only 11 per cent of people were confident they would be able to save enough within a year, a significant drop from the 19 per cent who said this when the same research was carried out three years ago.

Unsurprisingly, 28 per cent of aspiring first-time buyers are looking for a second job or overtime to help them save quicker, while 27 per cent are considering taking out a loan to boost their deposit.

Phil Cliff, the director of Santander Mortgages, said: “Saving for a deposit is no easy task, especially in today’s financial climate.”

Related topics:Santander