28
Jan
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.
