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Home deposit saving on the rise

Home deposit saving on the rise

Category: Mortgages

Updated: 20/03/2009
First Published: 20/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

An increasing number of young savers are putting money aside for a deposit for their first home, it has been revealed.

Since July last year, there has been a 29% increase in the amount of people looking to ensure they can eventually place a first foot on the property ladder, according to Birmingham Midshires.

Almost a quarter (23%) of savers aged 25 to 34 are currently saving for a property compared with almost a fifth (19%) seven months ago.

In addition, one in ten 35 to 44 year olds are now doing the same, up from just eight per cent in July 2008.

There has also been a shift in the savings priorities of Britons in recent months, with people increasingly unwilling to make big ticket purchases using credit cards and loans.

"One positive thing to come out of the current financial uncertainty may be a renewed understanding of the importance of saving money in advance of making big purchases," said Tim Hague, director of savings. "The need for people to prepare for their financial future is increasingly important."

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