A third (32%) of aspiring homebuyers are facing delays of 20 months on average when it comes to raising their deposit, research from Aldermore has found.
Nearly two-thirds of all first-time buyer hopefuls have had to scale back their regular savings (64%), likely increasing the time it takes to get on the property ladder, while one in five (19%) have had to opt for looking for a cheaper home.
On average, prospective first-time buyers plan to save £43,500 for a deposit. First-time buyers in London and the South East expect to save the most at £52,777 and £54,570 respectively, with Yorkshire buyers expected to save nearly half of that (£27,379) on average.
Jon Cooper, head of mortgage distribution at Aldermore, said: “While saving in this current economic climate may feel like a long and arduous journey, we’ve found that the majority of determined first-time buyers think the difficulties are ultimately worth it in order to get on the property ladder.
“It’s important that prospective buyers are aware of the support available to them.
“Would-be buyers should consider seeking advice from a broker who can lend a helping hand and guide you through the process of becoming a homeowner.”
