Nearly 80% of first-time buyers lack savings for local deposit

According to Skipton Building Society analysis, nearly 80% of potential first-time buyers in the UK lack the savings needed for a deposit in their local area. The research also found that only one in eight potential first-time buyers can afford to purchase the average first-time property in their area. Additionally, nearly four in 10 renters spend 45% or more of their income on housing costs, making it difficult for them to save for a deposit. London was ranked as the most unaffordable city for both renting and buying properties, while Scotland was the most affordable.  

The Independent (03/08/2024)