Property News Item: 00009

28th Jan 2006

First time buyers need to save more for a deposit

Source: http://www.hbosplc.com

According to Halifax research, it now takes the typical first time buyer five years to save a deposit. Since 2000, the deposit first time buyers (FTB) put down has also significantly increased. Five years ago, the typical deposit was £9,894, equivalent to 42% of the average earnings. The typical deposit is now £23,967, equivalent to 76% of the average earnings of £31,485.