Residential conveyancing news: First-time buyers save for five years for deposit

Posted 04/05/2011

First-time property buyers expect to save for five years in order to have enough money for a deposit, meaning many may have to wait before approaching a residential conveyancing solicitor, according to research.

Santander Mortgages has revealed that 23 per cent of people who are considering purchasing a home anticipate it will be more than five years before they can accrue enough money for a down payment.

Director of the department at the financial services provider Phil Cliff sympathised with first-time buyers, saying it is “no easy task” to save for a deposit.

“Many customers, especially in recent years, [are] having to put down larger deposits to secure their mortgage,” said Mr Cliff.

The findings also revealed that for 54 per cent of first-time buyers, it will take just over three years (40 months) to save for a down payment, while 11 per cent think they can do this in one year.

Those who are planning on their first house purchase will be pleased to hear that findaproperty.com thinks prices will fall further in 2011, according to figures published in the Daily Telegraph last week.