Halifax: Not enough people are saving for home deposits

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Halifax: Not enough people are saving for home deposits

Mon 1st Aug 2011

According to one of the UK's leading mortgage lenders, only one third (32 per cent) of potential homeowners have a workable plan to achieve their goal of owning a property.

Of those, research from Halifax reveals that only 14 per cent of people say they are saving towards that end and making real sacrifices in order to do so, while a further 14 per cent say they are saving but are not averse to spending spare cash on leisure activities.

Simon Kenyon, Halifax's savings director, said: "We know from our own research that for some customers to get on to the ladder, their savings behaviours need to change."

Today (August 1st), Halifax launched its head start home saver initiative, which rewards customers who save with the bank and then take out a mortgage as part of its first-time buyer range, by rewarding customers with £600 towards their mortgage.

"A helping hand in that first month of homeownership is a clear benefit," Mr Kenyon added.

The announcement comes after Nationwide on Friday released figures which showed a sluggish rise in house prices last month, making average UK property values stand at £168,731.

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