20% of Brits saving for a deposit

Of the 80% of Britons who save each month, 20% are putting money aside for a deposit, according to research from Confused.com.

A house deposit is third on consumers’ lists of priorities when it comes to saving, the survey suggests, with just a rainy day and long term plans and retirement more popular, at 24% and 22% respectively.

Furthermore, a deposit is the top saving priority for people in London and the South-West – 26% of those living in the capital and 28% in the region are putting money away to purchase a property.

And Britons aged 18 to 24 are most likely to be saving for a house, at 30%.

Chris Griffiths, head of savings at Confused.com, says: “When you’re struggling to get into a savings habit, having a clear goal can make things easier. It’s a good idea to earmark some of your savings for short to medium-term goals and some for the long term.”