This Is How Long First-Time Buyers Are Saving For To Get On The Property Ladder

illustrated by Louisa Cannell.
According to a new study, the average first-time buyer will spend four years living a leaner lifestyle in order to save for a deposit.
The study by Post Office Money found that first-time buyers in the UK are more willing to sacrifice their lifestyle quality to get on the property ladder than anything else.
Some 31% of first-time buyers said they were willing to make lifestyle cut-backs to save for their starter home deposit.
Meanwhile, 23% said they were prepared to save for longer in order to achieve their goal of owning a property.
Just 19% said they were willing to compromise on the location of their first home, while only 17% said they were prepared to compromise on their starter home's garden size or number of bedrooms.
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It's no secret that London's property market is a very different beast to the market in almost every other UK location. Research has found that it could take first-time buyers in the capital up to 68 years to save for a property.
Last year, the Office for National Statistics (ONS) revealed that the average deposit for a first home in London is a massive £173,431 – an incredibly daunting saving goal unless you're lucky enough to have help from the bank of mum and dad.
By contrast, the Post Office Money study found that Blackpool is the most affordable place in the UK for first-time buyers when average property prices are compared to the average salary. In Blackpool, the average first home deposit is a much more manageable £21,571, according to the ONS.
Lincoln, Hull, Rotherham and Sandwell also placed in the top 5. Check out the 10 most affordable places in the UK for first-time buyers, and the average property price in each town or city, in the rankings below.
1. Blackpool –£112,000
2. Lincoln – £143,950
3. Hull – £110,000
4. Rotherham – £133,000
5. Sandwell – £137,950
6. Stoke-on-Trent – £110,000
7. Southampton – £210,000
8. Tameside – £137,500
9. Barnsley –£124,995
10. Wigan – £130,250
Post Office Money has also launched a deposit planner for first-time buyers, which you can check out here.
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