Deposit Savings Accelerated by First Time Buyers
According to a recent research from Abbey Savings (alliance-leicester-group.co.uk) about two fifths of prospective first time buyers are increasing the rate at which they save towards a deposit in 2009, .
38 per cent of those already saving towards a deposit said that they were looking to increase the rate at which they put their money away in 2009. Meanwhile, 40 per cent of those without any form of deposit stated that they had now decided to start saving this year.
With house prices looking increasingly affordable, those with a deposit said that they intended to try and save on average an extra £203 each month this year in order to get on to the property ladder, while those who were just beginning to save a deposit said that they intended to put away £123 on average each month.
When asked how much they believed they would need to save the average first time buyer stated that they were working towards building a deposit of £20,000, but there were substantial variations amongst the regions. Those in London said that they believed they would need £26,641 making them the region with the largest savings goal, while those in the Midlands believed they would need just £13,635.
