Yep, it’s true
New research from Which? Mortgage Advisers reveals that first time buyers are saving for up to a decade for a deposit for a home, with more than two thirds saving for over two years.
In a survey of more than 1,000 first time buyers, seven in 10 (69%) said it took more than two years to build their home deposit and a quarter (23 per cent) had to save for 5-10 years, illustrating the struggle so-called ‘Generation Renters’ have trying to get onto the property ladder.
The bank of mum and dad continues to play a central role in the property market, as three in 10 (29 per cent) were supported by contributions from their parents. A further eight per cent were given financial help by other family members.
David Blake, principal mortgage adviser, Which? Mortgage Advisers said: “Our research reveals the real difficulty that first time buyers have in saving enough money for a deposit.
“Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”