Average first-time buyer will take seven-and-a-half years to save for house deposit
Dailystar.co.uk
1 min read
Average first-time buyer will take seven-and-a-half years to save for house deposit,Those still saving to buy their first home estimate they will not get the keys until the age of 37 - with a third 'very concerned' about the cost-of-living crisis
Average first-time buyer will take seven-and-a-half years to save for house deposit
The average first-time buyer will take seven-and-a-half years to save for a deposit to get on the property ladder, according to research.
A poll, of 1,500 homeowners and 500 first-time buyers, found that those still waiting to buy their first home estimate they will finally get the keys at the age of 37.
By comparison, existing homeowners only took five years to make their first purchase, which was made at the age of 28.
And 28% of those, who are waiting to get on the property ladder, believe the only way they’ll be able to do this is through an inheritance – that they are patiently hoping for.
The research was commissioned by first direct, which has given first-time buyers the chance of winning one of two 5% deposits (£26,000 each), by jumping to reach a ladder suspended in the sky.
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