15 Years Is A Long Time
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