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.

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.