|
|
| |
| |
'Buyers Must Save For 15 Years' |
|
(25th September 2008)
The average first-time buyer must save for 15 years before having enough cash to afford a deposit on a property, according to a new study.
Research from the Fair Investment Company FIC shows the average first-time buyer saves just over £1,500 a year toward the deposit on their dream home.
And, with the average house price at £174,178, according to Halifax's monthly House Price Index, a 15 per cent deposit would set would potential homeowners back more than £26,000.
The FIC claims that as a result the average first-time buyer would have to save for 15 years to secure an 85 per cent loan-to-value mortgage on a property.
Sharon Bratley, chartered financial planner at the FIC, said: "The news is shocking but comes as no real surprise considering the state of the housing and mortgage market at the moment."
"My advice to prospective first time buyers is to save, save, save," she added.
According to The British Bankers' Association, the number of mortgage approvals in the UK has dropped by almost two-thirds in the last year.
|
News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
|
| |
|
|
|
|
|
|
|
|
