The average time it takes for a single first time buyer to save for a 15% deposit in England and Wales has fallen but it still takes over 10 years, new research has found.
The amount fell to 10 years and three months in the fourth quarter of 2018, six months less than two year ago and overall affordability has improved in eight out of 10 regions. The research report from Hamptons International says that this means that if a single first time buyer started saving now, it would take them until the beginning of 2029 to be able to afford a home.
It was nine months quicker to save for a deposit in the East of England, the East Midlands and Wales than it was in the fourth quarter of 2016. The North East and North West were the only regions where time to save stayed the same.
A single first time buyer in London, however, would need 15 years and nine months to save, down from 16 years two years ago as house price growth has slowed and incomes have risen. This means that it would now take until around the third quarter of 2034 for a single first time buyer to save for a home in the capital.