Saving 'is important' for FTBs

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Saving 'is important' for FTBs

Individuals looking to get a foot on the property ladder must remember the importance of saving, it has been argued.

Matt Griffith, a spokesman for affordable housing charity PricedOut, said it is a very difficult financial environment at present for first-time buyers (FTBs) and therefore building a significant deposit has become one of the biggest stumbling blocks to owning a home.

He commented: "Any would-be FTB should be trying to make serious efforts to save - making full use of ISAs, trying to put aside a set amount each month and cutting back a little on spending."

According to research from Halifax, there were around 187,000 FTBs in 2011 - the lowest annual total since records began in 1974.

This was put down to rises in the levels of deposits required as a proportion of the purchase price, with the average deposit increasing from ten per cent in 2007 to 20 per cent last year.

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