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This is how long first-time buyers need to save for a deposit

House Beautiful (UK) logo House Beautiful (UK) 13/04/2019 Lisa Walden
a large brick building with grass in front of a house with Bacon's Castle in the background: New research by Hamptons International has revealed that the average time it will take for a single first-time buyer in the UK to save for a 15% deposit on their first home in England fell to 10 years. © Brinkstock - Getty Images New research by Hamptons International has revealed that the average time it will take for a single first-time buyer in the UK to save for a 15% deposit on their first home in England fell to 10 years.

The average time it will take for a single first-time buyer in the UK to save for a 15 per cent deposit on their first home in England is 10 years, according to new research by Hamptons International.

It can often feel like an uphill struggle when it comes to saving for a deposit on your first home. With renting costs almost as high as mortgage payments, getting together the right amount for a house may seem like a challenge at times. But how long does it really take to save for a deposit?

The study shows that a single first-time buyer living in central London would need 15 years and nine months to save for a deposit, down from 16 years in 2016.

For a couple buying their first house together, it was three months quicker to save for a home in 2018 in comparison to two years ago in England and Wales. The average couple would need to save for four years and nine months to hit the 15 per cent deposit for their first home.

a screenshot of a cell phone: Hamptons International house deposit map © Hamptons International Hamptons International house deposit map

'Saving a deposit is still the biggest barrier to buying a home, but things did improve in 2018. Slowing house price growth – which is expected to continue – combined with rising wages, meant that last year it was six months quicker to save for a home than it was two years earlier. However, despite the slight improvement in affordability it still takes a single person more than a decade to save up to buy a home,' explains Aneisha Beveridge, Head of Research at Hamptons International.

'Conditions are hardest in the capital where house prices have increased the most over the last decade. Despite price growth cooling off more recently, it still takes a single person over 15 years to save up for a 15 per cent deposit for a home in the capital. This is over nine years longer than in the North East, which is the quickest region to save for a home.'

Looking for the best place to live to save the most? Research also showed that the quickest place to save for a deposit was in the North East, where it would take just two years and nine months for a couple to save together.

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