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Quote Ref: UKIN01

The Average First Time Buyer Takes 24 Years to save for a Deposit

Someone putting money into a piggy bank to portray a first time buyer saving for a house
27 February 2019

By UKinsuranceNET In News

Shocking statistics from The Money Charity (February 2019) have revealed that it would take the average first time buyer on an average income, 24 years to save for a deposit based on the average UK savings rate.

In their press release, the charity explained that the average first-time buyer deposit has increased to 18% of the average purchase price – equating to an average deposit of £31,551 combined with an average loan of £145,702.

Other data from the charity shows that in the year to December 2018:

  • on average, a UK household spent £3.97 a day on water, electricity and gas;
  • every day 313 landlord possession claims and 255 landlord possession orders were made;
  • in December 2018, borrowers paid £140 million a day in interest;
  • the number of mortgages with arrears of over 2.5% of the remaining balance fell by 10 a day;
  • unemployment fell with the number of people unemployed falling by 274 per day. The 4%unemployment rate is the lowest on record since February 1975.

Further statistics show that:

  • someone making only the minimum credit card payment per month would take 26 years and 5 months to pay off the average credit card;
  • there has been a -5.9%change in the average real wage since the pre-crash peak in February 2008;
  • in Q3 2018, lenders wrote off £1.094 billion (of which £471 million was credit card debt, amounting to a daily write-off of £5.1 million).
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