New research from Santander shows that first time buyers take an average of two and a half years to save their deposit.
The average deposit is now 17 per cent of the overall property price.
Phil Cliff, director of Santander Mortgages, commented: “Our research has found that despite the availability of five per cent deposit mortgages throughout most of the noughties, first time buyers opted to put down an average of 17 per cent deposit to secure their first home – over two per cent more than the average deposit currently paid now. The majority have done so via the ‘traditional’ route of savings.”
