The average first time buyer will take up to 15 years to save for a deposit to buy a home, according to the Fair Investment Company (FIC).
Single females would take the longest to save a deposit, according to the research, but couples could halve the time it takes them to buy their first home. A survey of more than 2,000 people found the average person saves £139 each month, giving an annual total of £1,668. However, the average house price is currently £174,178 according to Halifax, meaning a first time buyer would need £26,127 to pay a 15% deposit. At the average annual savings rate it would take 15 years to save this much. Sharon Bratley, chartered financial planner at FIC, comments: “The news is shocking but comes a...
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