Time it takes to save for a house deposit falls due to slowing housing market
Good news for buyers in that recent figures released in an article on the Bournemouth Echo website shows that the time needed to save for a deposit for a house has fallen. Now standing at 13 years, which to be honest is a ridiculous situation as it is, a single person in the south west of England can now look to gain that all important deposit that just bit quicker thanks to a slowing housing market.
Across the country a total of 8 out of 10 regions saw a drop in time it takes to save for a 15 % deposit.
Aneisha Beveridge, head of research at Hamptons International Estate Agents, was quoted as saying: “Saving a deposit is still the biggest barrier to buying a home, but things did improve in 2018. Slowing house price growth – which is expected to continue – combined with rising wages, meant that last year it was six months quicker to save for a home than it was two years earlier. However, despite the slight improvement in affordability it still takes a single person more than a decade to save up to buy a home.”
With Brexit still being the comedy show of the decade showing to a global audience and much uncertainty in being in or out of the EU, house prices could be dropping further in months to come so to further reduce the time it takes to save for a deposit.
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