Sainsbury's: First-time buyers hit by rising living costs

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Sainsbury's: First-time buyers hit by rising living costs

Sainsbury's has found that the rising cost of living is hitting first-time buyer's deposit savings.

According to the bank's research, 16 per cent of people aged 25-34 (the average age of a first-time buyer is 29) are saving less than they were a year ago, primarily because of the increased cost of items like fuel and food.

Only nine per cent of those surveyed are saving more than they were in 2007, while 36 per cent admitted to not being able to put anything away for a rainy day or house purchase at all.

Neil Cameron, the savings manager at Sainsbury's Finance, said: "First-time buyers need to have a larger deposit that they did a year ago … so those looking to get onto the property ladder need to be saving more not less."

He recommended that those saving for a deposit on a property should review the savings account they are using to ensure that it has an attractive rate and flexible withdrawal rules.

Abbey, Alliance & Leicester and the Co-operative Bank all launched savings accounts today linked to one of their other products, such as current accounts.
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