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There's nothing better than the thought of being able to take that first step on the housing ladder, yet unfortunately, it could take longer for the dream to become a reality than many people think – particularly for those who can't rely on the Bank of Mum and Dad.
According to research from estate agents Hamptons International, it could take a typical first-time buyer an average of 10 years and three months to save enough for a 15% deposit without family support, which means single buyers who start saving now will have to wait until 2029 to turn the keys in their very first lock. This is assuming they earn an average salary and are able to dedicate 22% of that towards saving; if not, it could take even longer.
There are stark variations depending on where you're looking to buy, however. In the North East, for example, it could take an average of six years and six months for a single person to afford a 15% deposit, while those looking to buy in London could find themselves saving for the next 15 years and nine months.
Yet there is some good news. Affordability is actually improving, for a start: two years ago it would have taken 10 years and nine months to save a deposit, with slowing house price growth and rising wages making it marginally easier for first-time buyers to reach their goal. Those who are able to buy as a couple will also find it much quicker to save, with it taking an average of four years and nine months – half the time it could take a single person.
Then there's the fact that you don't technically need to save 15% to be able to take the first step on the housing ladder. There are plenty of mortgages available to those with just a 5% deposit – you'll have to pay higher rates for the privilege, but it could be an option for those who can't face saving for a decade.
If you haven't been put off by the time it could take to buy your first home, you'll want some tips on how to go about it. Well, read on!
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