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64% of first time buyers having to rent whilst they struggle with deposit saving

With prices showing no sign of slowing, it is no surprise to hear that 64% of homeowners rent a property before they can afford to get onto the property ladder themselves

However, this can be a concern of its own, with the average UK rent standing at £681.70, tenants who are trying to dedicate themselves to saving are struggling to find the spare cash to build a big enough ‘property pot’. A significant 28% of savers admit that they are finding the process difficult.

In contrast, eager first time buyers who are still living at home believe they have it a little easier, with only 16% thinking that saving up for their first home is a strenuous process. A lucky 21% admitted that Mum and Dad are generously letting them off contributing any rent in order to put more money towards their deposit saving, whilst 52% said that they pay a fixed amount each month to their family, with 22% contributing towards food and bills..

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