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Average first-time buyer faces a decade of saving

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First time buyers resign themselves to ten years of saving for a deposit on a home, according to the Post office.

Would-be buyers expect to be around 35 before they can buy their first home, compared to 50 years ago when the average first time buyer was 24 years old.

Prospective buyers living in the South East and South West have most difficulty with raising a deposit, with 65% and 56% respectively expecting it will take ten years or more to raise a deposit.

Meanwhile, 47% of Londoners say it will take them much longer to get the funds together.

John Willcock, head of Post Office Mortgages, said; “The average age of a first time buyer has been creeping up over the past 50 years and a perceived ten year wait to raise a deposit doesn’t help matters.

“The sheer size of the deposit is the most daunting thing for would-be first time buyers, but it appears to be worth the wait if it works out cheaper than renting.”

Would-be buyers north of the border are even more pessimistic of their chances of getting on the property ladder, as many Scots expect to buy their first property at age 40.

The survey highlights that the biggest barrier to entry for buyers is raising enough deposit for a place, unless their circumstances change, such as getting a better paying job or inheriting money.

The survey also highlights that renters on average pay £876 more a year that the average homeowner with mortgage payments.

Willcock says that first-time buyers might not have to wait as long as ten years to get their feet on the property ladder, as a number of competitive mortgage options hitting the market and mortgage rates at a historical low.

Almost a fifth of these would-be buyers also insist that a re-introduction of no stamp duty for first time buyers would help them get a foot on the property developer, with 29% wanting more assistance from the Government.

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