Its research showed the average time to save for a house in 2006 was four years and 11 months, compared to four years in 2005.
London FTBs were hit hardest and faced saving for seven years and five months in 2006. This reflected the fast rising house prices in the city and the fact that the average FTB property is breaking the 3 per cent Stamp Duty barrier of £250,000.
Regional buyers fared better, with FTBs in the Midlands and the South of England, both East and West, needing to save for one month less in 2006 than 2005, while East Anglia was the only region that saw no change.
Paul Chafer, sales and marketing director at Stroud & Swindon, commented: “Britons are increasingly putting their lives on hold due to the debt they are in. Affordability is a key issue in the current economic climate. When saving for a house deposit, FTBs must shop around to find the most competitive savings accounts, in order to bring themselves one step closer to that first rung on the property ladder.”
Roy New, a London-based sole broker, commented: “Property prices are going to continue to grow and interest rates are going up, so things are going to be harder. I can’t see any soft landing for a while. However, if people really want to buy, they will find a way.”
find the latest industry jobs
get the daily news delivered to your inbox
