UK Money News
21st April 2008
First time buyers struggling to save for deposits
First time buyers are finding it increasingly difficult to save for deposits for a house as they struggle with the rising cost of living.
In a study conducted by Sainsbury's Finance, it was revealed that 16 per cent of people are saving less than they were a year ago.
The principal reason cited by those in this group, who are most likely to be first time buyers, was that higher day-to-day living costs had squeezed their budgets.
Neil Cameron, savings manager at Sainsbury's Finance, said that the findings highlighted how important it is to that first time buyers maximise what savings they have accumulated by choosing a best-buy savings account.
He commented: "Those people saving for a deposit on a property should review any savings account they are using for this and make sure that they have one that pays a consistently attractive rate that does not penalise you for withdrawing your money should you need to."
Sainsbury's research comes at a time when lenders are increasingly asking for higher deposits to secure mortgages, meaning that first time buyers are finding it harder to raise the sufficient level of funds.
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