First-time buyers in England will need almost 11 years of consistent saving at the UK median of £180 per month in order to save enough for the average deposit amount, new research has revealed.

Findings published by more2life, which based the £180 per month median on data from Nimblefins, suggested it would take 10.9 years without drawing on the savings once to save £23,549 – the average amount paid by first time buyers on a deposit in England from 2021 to 2022.

more2life’s data was based on research it conducted in October 2022, with all regional house price averages generated from Land Registry figures.

According to the equity release lender, first-time buyers in Wales paid an average deposit of £17,038. At the same rate of £180 saved per month, this group could expect to wait 7.9 years to afford a deposit.

Meanwhile, first-time buyers in Scotland paid an average deposit of £14,230 to secure a property, meaning it would take 6.6 years to save the correct amount.

“Trying to save enough for a deposit is daunting at the best of times but with the cost of living eating into people’s disposable income and interest rates squeezing affordability further, first-time buyers are finding it harder than ever to take that first step onto the ladder,” commented director of manufacturing and adviser propositions at more2life, Les Pick.

“However, with the older generation often sitting on 20 or even 30 years of house price growth, now may be the time to consider whether an early inheritance could make a positive difference to someone’s home ownership ambitions.
 
“Shaving 11 years off the amount of time it takes someone to buy their first property and positioning them to get a better mortgage deal can make a real difference to their future finances.”

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