Average first-time buyer putting down £20,000 deposit
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Some 38% of those already saving towards a deposit say they are looking to increase the rate at which they put their money away in 2009.
Meanwhile, 40% 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.
Reza Attar-Zadeh, director of savings and investments at Abbey, says: “Homeownership is beginning to look like a much more realistic goal for thousands of first time buyers who have clearly been keeping an eye on house prices.
“Building a deposit is no small task, but those who have chosen to start putting extra money away are clearly better prepared to make an offer on a property when they see their opportunity.
“Savers need to be aware that a large deposit will make it easier for them to be accepted for the best mortgage deal. Abbey’s First Home Saver has been specifically designed to help savers build up a reasonably size deposit, allowing you to put money away regularly up to a sum of £50,000.”
