Buying a home: How long does it take to save a deposit?

12th January 2018

A typical 20% deposit for first-time buyers in London is now more than £80,000, according to the Nationwide Building Society. It analysed its mortgage data for the cost of the typical first-time buyer's house purchase in each region. Elsewhere in the UK, the average deposit could be closer to £20,000, as the squeeze on wages and low interest rates makes it more difficult to raise the money than a decade ago. Meanwhile in most regions, it would take about eight years for the typical buyer to save for a deposit. This rises to nine years in the South East of England and to nearly 10 years in London.

BBC News (05/01/2018)