Abbey: Savings account deposits increase for first-time buyers

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Abbey: Savings account deposits increase for first-time buyers

Research by Abbey has shown that first-time house buyers are increasing the rate at which they make deposits into their savings accounts, in the hope of having enough money to put down a payment on a house while prices are still low.

The bank conducted a poll which reveals that 38 per cent of those already saving towards buying a house had started to increase the rate at which they put money away in 2009.

Buyers with a deposit said that they intended to try and save on average an extra £203 each month this year in order to get on to the property ladder.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "Homeownership is beginning to look like a much more realistic goal for thousands of first-time buyers who have clearly been keeping an eye on house prices."

Recently, research by Moneyfacts.co.uk revealed that the average standard variable mortgage rate may be putting many people off buying houses.

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