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Property fledglings want to save £19,100 deposit

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by Gill Montia
Property fledglings want to save £19,100

The Co-operative Bank and Places for People, the property management and development group, have been researching potential first-time buyers and have discovered that on average, those hoping to get a foot on the property ladder think they need to save £19,100 before they can buy their first home.

The research involved 1,500 potential first-time buyers, 54% of whom said they felt as if paying rent was like throwing money away and are therefore keen to buy a home.

The majority of this group estimated that it will take them up to two years to begin to engage with the project.

Attitudes towards the sacrifices needed to become a home owner have changed since the onset of the credit crisis.

Prior to the downturn in the UK housing market and the mortgage famine, 57% of potential first-time buyers were not prepared to make any sacrifices to get onto the property ladder.

The latest research shows that only 9% still hold this view, while those prepared to give up a foreign holiday or eating out to save a deposit have doubled in number, to 50% and 53% respectively.

Thirty-nine per cent are even prepared to forego buying coffee and lunch out and the same proportion would have a go at reducing their alcohol consumption.

Potential first-time buyers are also lowering their expectations of the properties they might buy and even trading on eBay and at car boot sales to raise their deposit money.

Fifty-three per cent would like the Government to take more responsibility for their plight but only 5% think family members should step in and help them out.

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News posted: September 24, 2008

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