First-time buyers could face a ten-year wait to buy
11th Sep 2012
People looking to get themselves a foot on the ladder for properties for sale in the UK are facing up to a ten-year wait in order to be able to afford to do so, it has been reported.
According to a new report from the Post Office, this is how long the average British buyer expects that it will take them to be able to afford to buy because they are saving up for a deposit.
The investigation carried out discovered that the average person in the UK thinks that they will be 35-years old before they can afford to buy a home at all.
Meanwhile, a third said that they simply cannot afford a deposit. This is a problem which has been exacerbated in recent years by the fact that more banks and lenders are now seeking a deposit amounting to around 20 to 25 per cent of the cost of a home.
John Willcock, head of Post Office Mortgages, said: "The average age of a first-time buyer has been creeping up over the past 50 years and a perceived ten-year wait to raise a deposit does not help matters. The sheer size of the deposit is the most daunting thing for would-be first-time buyers, but it appears to be worth the wait if it works out cheaper than renting."
Posted by Staff Writer: Frances McDonald
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