FTBs not prepared to wait to buy
In the survey, of the people who are saving for a property, 27% of them stated that they want to buy something within the next 12 months, and 29% wanted to purchase property within one to two years.
According to the data first-time buyers in the North West, who on average earn £22,645 and save 9.6% of their salary, need the least amount of time to save for a deposit, taking 15.1 years to save 20% of the average house price (£163,030) in the region.
With the highest house prices and one of the lowest saving ratios in the country, those in Greater London have the longest to wait, needing almost 23 years to get on the property ladder.
Commenting, Graham Mannion, managing director and founder of InvestorBee, said: “There is a misalignment between what first-time buyers want to do and what they actually can do with their savings. By understanding what people can save, particularly those putting away a lot, it should give them the confidence to save more so that they can reach their goals sooner.
“Although the percentage of salaries being saved across the UK varies greatly with region, it’s encouraging to see that, even with the current economic crisis, many people are still managing to save money each month.”