17th September 2015
Almost 40% of first time buyers expect to take more than three years to save a deposit for their first home, claims new research from Clydesdale and Yorkshire Banks
The Banks’ Annual First Time Buyers Research found that the largest percentage, at 46%, anticipated taking between one and three years. However 10% of those surveyed plan to save for more than 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.”
Clydesdale and Yorkshire Banks are currently offering mortgages specifically for the first time buyer market with rates that require just a 5% deposit.