The bank’s research shows that of the potential first-time buyers currently saving for a deposit, 11.2 million of them have admitted ‘dipping in’ to their accounts.
Indeed, one in ten (11.2 per cent) of those people who are saving a deposit for their first home admit to going ‘deposit dipping’ almost every month, while nearly one in five (19.5 per cent) admit taking out funds every couple of months. Worse still are the 888,000 people who claim they use money destined for their deposit every week.
Ricky Okey, managing director, Abbey for Intermediaries, said: “As surprising as the research is, it does go a long way to explaining why so many people are finding it hard to get onto the property ladder, and why of the first-time buyers we spoke to we found that there is a strong demand for 100 per cent mortgages, as many have not been able to save a deposit large enough.”
