Saving for a deposit


Saving for a deposit

First time buyers are often called the “life-blood” of the housing market because without them to start a house sale chain, no one would be able to move.

Supporting corporates

14 October 2013

It has become increasingly difficult for them to build up the deposit for a mortgage.

On average it takes two to three years to save the 5% deposit. But before Help to Buy, RBS economists calculated it could take 10 years to save the 20% required by many lenders for a competitive loan.

Where property is most expensive, including London, East Anglia, the South West and South East, this rises to between 11 and 12 years.

Number of additional people who will be able to buy if they save for the number of years shown

 

Number of years it takes to save for a deposit

(by region and by amount of deposit needed)

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