FTBs 'actively saving deposits'

Posted: 13 Apr 2011 13:29:31 GMT

Deposits are being actively saved up by first-time buyers, it has been claimed.

First-time buyers (FTBs) are actively saving up substantial deposits, it has been suggested.

Andy Pratt, chief operating officer at Alexander Hall, stated FTBs have had to face a tight market for around three years and have used the time to start placing money to one side.

The industry figure noted these individuals have been "tightening their belts and saving a little bit more, or seeking assistance from mum and dad in some instances as well, but primarily trying to save it up themselves".

He explained there have been signs that some people have been generally paying off debt in households, while a percentage of those who have been renting property have been making use of savings accounts to build up their deposits.

Recent research from Safe Home Income Plans revealed FTBs currently have to pay seven times what their parents would have done in order to get a foot on the first rung of the housing ladder.
 

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