54 months of toil for average house deposit

This is an increase of six months just since the first quarter of 2004, as house prices have gained 12% against the 6% increase in the typical first time buyers’ income. It is also one year and nine months longer than it took to save an average deposit in 1994, when the housing market took off after its previous fall. The average deposit is now £6,866, as against £2,451 in the first quarter of 1994, NS&I says. A cooling housing market should therefore be a welcome sign for those yet to get on the property ladder, the executive agency adds. And, signs are this is already happenin...