15 Years Is A Long Time

April 14, 2019

 

A recent study has shown the average single first-time buyer in England and Wales needs 10 years and three months to save enough for a 15% deposit.

 

The saving time appears to be increasing in London, the South East and South West and decreasing in Wales, West Midlands and the North East.

 

Saving a deposit is still the biggest barrier to buying a home. 

 

Slowing house price growth, which is expected to continue, combined with rising wages, meant that last year it was six months quicker to save for a home than it was two years ago.

 

Despite price growth cooling off, it still takes a single person over 15 years to save up for a 15 per cent deposit for a home in the capital. This is over nine years longer than in the North East, which is the quickest region to save for a home.

 

So if you are looking for your first home, in any part of the country, make things a little easier and read my guide to first time buyers. CLICK HERE

 

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McCoy Mortgages does not charge a fee for a residential mortgage or protection insurance advice and applications. Other charges by lenders or insurance providers may apply. Please ask for a personalised illustration. McCoy Mortgages is a trading style of Keith McCoy Associates Limited. Keith McCoy Associates Limited is authorised and regulated by the Financial Conduct Authority, FCA number: 450724. Registered office: Unit 77 Cariocca Business Park, Sawley Road, Manchester M40 8BB. 

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