Property Alert Login | Not a member? Sign Up

 

3 years to raise a deposit for the average FTB

Date online: 17/09/2015

The largest percentage (46%) anticipated taking between one and three years, however 10% of those surveyed plan to save for over five years to get onto the property ladder.

The boomerang generation – those who have rented a property and then moved back to live with their parents – hope to see the benefit when it comes to saving a deposit with half planning to save the required funds within two years and all those surveyed aiming to reach their financial goal within four years.

In contrast, almost 30% of those who are currently renting a property believe it will take more than four years to save a large enough deposit to buy their own home.

Steve Fletcher, Director, Retail Banking, said: "We understand that saving a deposit can be one of the biggest challenges for first time buyers, particularly for those who already rent a property and have considerable monthly outgoings.

This is why Clydesdale and Yorkshire Banks have remained committed to offering mortgages specifically for the market with competitive rates which need just a 5% deposit to help make owning a home a reality."

DPS Logo Property Live Logo Prime Location Logo Landlord Zone Logo Zoopla Logo Residential Landlords Association Logo Home.co.uk Logo

See our properties on rightmove Read our reviews on My Local Services NetRent - Houses and flats to rent throughout the UK I am Sold - Intelligent Auction Managment