FTBs 'need to up saving'

Posted: 30 Dec 2011 14:33:10 GMT

Those looking to enter the property market for the first time may be wise to look into their saving habits.

First-time buyers (FTBs) looking to get a foothold in the property market may wish to consider how best they can improve their saving habits.

Matt Griffith, spokesman for PricedOut, has noted this group should be making a considerable effort to increase the amount of money they regularly put away in order to afford a deposit.

The industry figure suggested would-be house purchasers make full use of products such as Isas, while also cutting back on the cash they spend.

However, Mr Griffith conceded "it's a pretty tough ask at the moment - rents are rising, inflation is putting pressure on disposable income and real wages continue to decline".

People - especially the younger generations - are also likely to find the jobs market is particularly tough at present.

Mr Griffith's comments come after recent findings from Halifax revealed affordability for FTBs has reached an eight-year high, yet the number of people in this group is at its lowest since records began.
 

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