Potential homeowners turn to saving

| March 23, 2009 | 0 Comments
Potential homeowners turn to saving

Birmingham Midshires has reported a rise in the number of people saving for a deposit for their first home.

The lender, now part of Lloyds Banking Group, also reported a drop in the number of Britons saving for no particular purpose.

According to a recent survey, 25% of 25 to 34-year-olds savers are piling up the cash to buy a home, compared with 19% during the summer of 2008.

Also, among this age group the proportion saving for a wedding has risen from 6% in July 2008 to 10% in the early part of 2009.

Meanwhile, 10% of respondents in the 35 to 44-year-old age bracket are looking to build up their savings for a house purchase.

On a regional basis, Wales and East Anglia have the highest density of savers with home-owning ambitions.

The study also revealed that since last summer, savers have begun to focus their activities on funding the purchase of expensive items, which may previously have been bought using a credit card or loan.

The firm’s director of savings, Tim Hague, believes the research “shows a change in the mindset of Britons” which possibly extends as far as “a renewed understanding of the importance of saving money in advance of making big purchases”.

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