5 May

First-time buyers save for houses for sale in Yorkshire

First-time buyers save for houses for sale in Yorkshire

First-time buyers hoping to invest in property for sale in Yorkshire are likely to save for several years, it has been claimed.

Research by Clydesdale and Yorkshire Banks has revealed that the region is one of the cheapest options for those trying to get onto the property ladder, with the average first-time buyer property costing £112,396.

However, research from Santander has revealed that almost a quarter (23 per cent) of first-time buyers believe they will be saving for five years before they can afford a mortgage deposit.

In addition, 54 per cent of buyers polled by the bank said they expect to use their savings to secure their new home.

One in four respondents said they have taken on a second job or extra overtime to boost their deposit savings.

Phil Cliff, director of Santander Mortgages, believes having a clear savings plan is beneficial.

He said: "Saving for a deposit is no easy task, especially in today's financial climate, with many customers, especially in recent years, having to put down larger deposits to secure their mortgage."ADNFCR-1222-ID-800521345-ADNFCR

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