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19/09/2011 09:04:23

Research highlights importance of saving for deposit

It is more important than ever for would-be first-time buyers to commit to saving for a deposit on a property as the sum needed is increasing.

That is according to research conducted by first direct, which has revealed that the average deposit required to secure a property in 2011 is £65,924 compared to £6,793 in 1990.

Bruno Genovese, senior savings product manager at first direct, said: "In this climate, it really is important that people save as much as they can to raise the money for a deposit. Longer term savings accounts offer a better return and remove the temptation to dip into the funds."

Mr Genovese said that deposit requirements have increased nearly four times as fast as peoples' income, which has led to consumers delaying entering the property market.

Figures released by the Council of Mortgage Lenders has revealed that the number of first time buyers entering the property market in July 2011 was 1,300 less than the same period in 2010.

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