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The average first time buyer takes 24 years to save for a deposit

Depositphotos 24559615 m-2015 (1)

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).