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First Time Buyers
UK Property Market
UK first time buyers continue to lose confidence that they will be able to raise a deposit, with most now believing they won't be able to do so until they are at least 35.
According to a new study by Post Office Mortgages, 47% of potential first time buyers believe it will take them 10 years to save a sufficient deposit. The research shows that indeed, 35 is now the average age a first time buyer is able to buy at.
Londoners as we know are worse off, and while 65% and 56% of people in the south east and south west of England respectively believe it will take them up to 10 years, 47% of Londoners believe it will take them much longer to save the necessary deposit. Likewise Scots anticipate that they will be over 40 before they can save a sufficient deposit.
This report is starkly different to what the same source reported back in April. Just 5 months ago the Post Office reported on how 12% of first time buyers were planning to buy within 5 years, and how of those 22% planned to buy in 2013, while 14% planned to buy this year. Shockingly those needing a deposit planned to achieve these early purchases with an average deposit of 16%.
Now John Willcock, Head of Post Office Mortgages, said of the current report "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 doesn't 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."
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