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  1. ITV Report

First time home buyers in Wales need to save for more than 8 years

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First time buyers in Wales would need to save for more than eight years in order to have enough for a 15% house deposit.

Single people would need to save for eight years and six months while a couple would need to save for four years between them.

The latest, based on the final quarter of 2018 are an improvement on 2016 when it took nine years and three months for a single person to save a deposit.

Meanwhile, buyers in London would need to save for 15 years and nine months for enough to put down a deposit on a property there.

  • East: 11 years
  • East Midlands: nine years
  • London: 15 years and nine months
  • North East: six years and six months
  • North West: eight years and six months
  • South East: 13 years and six months
  • South West: 13 years
  • Wales: eight years and six months
  • West Midlands: nine years and three months
  • Yorkshire and the Humber: eight years

The research comes from estate agents Hamptons International.

As well as assuming that first-time buyers would need a 15% deposit, the calculations also assumed people would be able to save 22% of their income towards a deposit after tax, rent and essential bills.

Some first-time buyers may find they can buy their first home with a smaller deposit than 15%, with many mortgage lenders offering competitive low-deposit deals.

There are also Help to Buy initiatives aimed at first-time buyers to help them get on the property ladder faster.