Research from National Savings and Investments has revealed that first time buyers are now taking even longer to save up a 5% deposit for a house. It now takes an average of four years and nine months for first time buyers to save up enough money for a deposit, to get onto the property ladder.
This is 3 months longer than six months ago, and nine months longer than a year ago. The worst affected are the first time buyers in East Anglia, where saving for a deposit takes five years, compared with four and a half in 2004.
Our view
Our parents and grandparents had to save, now it is the younger 'live for today' generation who have to perhaps take things more seriously.