28 Jan

First-time buyers 'saving more'

First-time buyers 'saving more'

First-time buyers are saving more money in the hope of buying a home soon, it has been revealed.

Research by Abbey Savings has found that 38 per cent of those already accumulating a fund for a deposit are planning to save up more this year, while 40 per cent of aspiring first-time buyers who have no deposit as yet intend to start building one up.

The former group is looking to put away an extra £203 each month on average and those just about to start saving plan to deposit £123.

Abbey noticed that the majority of first-time buyers are looking to save a lower amount than the figure that currently represents 20 per cent - the average deposit required at present.

It concluded that this was because buyers are factoring in a further fall in prices.

Earlier this month the chief executive of first-time buyer services provider Firstrung, Paul Holmes, advised those looking to get on the housing ladder to "save up furiously" so they can buy a more affordable home in the next year.
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