Not easy for FTB’s still
Recent research carried out by Aviva showed that the average first time buyer takes about four years of saving to be able to buy their own home, it is not only the deposit that has to be found but also all the added expenses that go with purchasing a property.
Most first-time buyers are £6,481 under budget when buying their first property, almost three-quarters underestimate the cost of buying their first home by failing to take into account legal fees, stamp duty, moving in costs etc.
Buyers on average take nearly four years saving for a first home, in that time they will bank an average £12,143, the real amount needed however is closer to £18,624 a poll of 2,000 homeowners found.
Aviva has launched a First Home website which includes a step-by-step guide to buying a first home. FTB’s need all the help they can get, saving for that first home is getting harder and harder, especially with property prices flying at the present time, no wonder so many have admitted to coming close to giving up plans to buy their “first home” and continue in rented property.