This is how long first-time buyers save for on average

This is how long first-time buyers save for on average

According to a study from Post Office Money, first-time buyers are scrimping and saving for an average of 4 years to save up deposits for their first house. The survey used responses from 1,000 adults who got their keys in the past two years and a whopping 92% said their lifestyles had to suffer in order to save. Cuts were made on holidays, clothes and grocery shopping to make the most of every penny.

With an average aim of adding £815 a month to savings, one-in-three have turned down social plans in order to save money while one-in-five have moved back in with their parents to avoid paying rent.

The study also found that the most affordable places for first-time buyers were Kingston-Upon-Hull, Stoke and Blackpool while at the other end of the scale, Cambridge, Guilford and Woking were the most unaffordable options.

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