First-time buyers need £20,000

Published:
23 September 2008
Topic:
News,Money,Mortgages

First-time buyers think they need to save nearly £20,000 before they are able to get on to the property ladder, a survey has revealed.

The average first-time buyer thinks it will take them two years and they will need to save £19,100 before buying a home, according to The Co-operative Bank and Places for People.

The downturn in the housing market has not deterred potential buyers, with 54% saying they still think renting a property is a waste of money.

The survey of 1,500 first time buyers found that a fifth said they hoped prices would rise in the long-term, while 30% said a property should be seen as a home and not an investment.

The number of first-time buyers making sacrifices to get on to the property ladder has increased over the past year but nearly half (46%) admitted they had lowered their expectations about the property they aiming for.

One in five people have made drastic lifestyle decisions, such as delaying having children or getting married in order to buy their own home, while 11% have taken on an extra job.

Copyright © PA Business 2008

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