The BBC has posted some interesting statistics on the average length of time it takes first-time buyers to save for a deposit.
On average, it takes them (or perhaps that should be us in my case!) four years and nine months to save the average deposit amount of £7,653 (5% of the average house price). There is also a breakdown of the length of time it takes per region:
- East of England – 5 years
- London – 4 years 9 months
- Wales – 4 years 6 months
- Scotland – 4 years 6 months
- West Midlands – 4 years 6 months
- North East – 4 years 6 months
- North West – 4 years 6 month
- South East – 4 years 6 months
- South West – 4 years 6 months
- East Midlands – 4 years 3 months
- Yorkshire – 4 years 3 months
- Northern Ireland – 4 years
The figures were provided by National Savings and Investments, and make for quite scary reading for those of us still waiting to get our feet onto the property ladder.