One third of first-time buyers are now spending 5 years to save for their home

A new report has revealed that 30% of first-time buyers spent the last five years saving for their house and 7% even said it took them ten years to save up enough money for a deposit.

Another third said their parents had contributed to their first deposit and 8% named other family members as well.

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When it comes to London, almost 40% of respondents said their parents had to help out when it came to putting down a deposit.

The report by Which? Mortgage Advisers came only days after figures from Your Move showed that house prices grew at their fastest pace in the last year in February, with average prices being just shy of £300,000.

Growth in the capital, however, has been rather slow with some reports even revealing a drop in some of London’s most upmarket areas.

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Another research that has been published recently also revealed that first-time buyers borrowed a total of £3.6bn in January, an increase of 7% on the year before.

“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, today.

“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.”

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