8 years for first time buyers to save house deposit in Yorkshire

8 April 2019, 08:13 | Updated: 8 April 2019, 08:14

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It's claimed first time buyers in Yorkshire could take 8 years to save up enough to get on the property ladder.

That's if they save on their own.

Experts say it'd only take 3 and a half years to get together a deposit if they buy with someone else.

Across England and Wales, the average time it would take a first-time buyer to raise a 15% deposit is 10 years and three months, according to calculations from Hamptons International.

This means that if a single first-time buyer started saving now, they could expect to get the keys to their first home in 2029.

The latest figures, based on the fourth quarter of 2018, are an improvement compared with the fourth quarter of 2016, when it took an estimated 10 years and nine months to save.

Aneisha Beveridge, head of research, Hamptons International, said: "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."

All regions across England apart from the North East and the North West have seen the average time it takes for a single buyer to save for a deposit fall over the past two years. In both of these northern regions, the time to save has remained unchanged.

In London, a single first-time buyer faces waiting 15 years and nine months to save for a deposit - an improvement on the fourth quarter of 2016 when it took 16 years.

Clubbing together with a friend or a partner could help buyers make the leap on to the property ladder much faster, taking around four years and nine months on average, according to the calculations, or even less time in Yorkshire.

As well as assuming that first-time buyers would need a 15% deposit, the calculations also assumed that people would be able to save 22% of their income towards a deposit after tax, rent and essential bills and used average full-time earnings for people aged 20 to 29 to make the calculations.

Some first-time buyers may find they can buy their first home with a smaller deposit than 15%, with many mortgage lenders offering competitive low-deposit deals.

There are also Help to Buy initiatives aimed at first-time buyers to help them get on the property ladder faster.