British buyers save for four years before having enough to buy a home

 
British buyers save for four years before having enough to buy a home [Photo: miluxian via iStock]

The average British property buyer will save for as long as four years before they have enough to put down a deposit on a mortgage, it has been revealed. 

According to findings of a survey carried out by insurance firm Aviva, the average amount of time that the average British prospective buyer thinks they will need to save for a mortgage will be four years and four months. In order to get onto the property ladder, Brits need to pay as much as ten per cent of the value of the home in the shape of a deposit, and this is causing affordability issues. 

In order to save enough to put down ten per cent in terms of a deposit, the average Brit would need to put away £347 per month, with the average house price nationwide now sitting at around £180,000. 

According to the survey, as many as 27 per cent of people who would like to buy their own home said that they feel they will never be able to save enough to put down a deposit on a house. 

Perception is a huge part of why people still want to be able to get onto the property ladder in the UK as well, the survey suggests. Even though there has been a shift towards a more European model in recent years, where more people rent now than ever, as many as 81 per cent of young people said that they still see ownership as a milestone. 

"The UK’s households are changing, not just as the population grows, but as society evolves to include more family types. However, one thing remains constant and that is our desire to get on the property ladder. The next generation of home owners are certain this will only become more important," said Lindsey Rix, managing director, Personal Lines Aviva UK & Ireland.