Saving a deposit

Saving a deposit is often cited as the biggest obstacle to getting on the property ladder.

The average UK first-time buyer home costs around £150,000, and the typical deposit paid in 2014 was 20%, or £28,000.

Little wonder that the average age of first-time buyers has risen to over 30, or that so many people need family help to purchase their first home.

Some mortgages are available with a 5% or 10% deposit, but they are hard to access and the interest rates charged are higher. To secure the most competitive interest rates, a deposit of 40% is required.

Tips on saving a deposit.

balloon-suitcase

Budget-stricken house hunters sacrifice holidays over haircuts

Brits saving for their first home would rather sacrifice a summer holiday than cut back on their budget for looking good, a survey of spending habits has revealed.

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Housing market flat in June - Land Registry

House prices in June were 6.4% higher than a year ago although the market saw no growth between May and June, figures from the Land Registry have shown.

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First-time buyer house prices up 10% - ONS

House prices rose 8% in the year to March 2014 with first-time buyer properties rising 10%, figures from the Office for National Statistics have shown.

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Jump in borrowers searching for small deposit deals

More borrowers are looking for high loan-to-value mortgages as they look to secure larger loans on cheaper properties, research from the Mortgage Advice Bureau has shown.

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Starting salaries for graduate jobs 'fall 11% over five years'

Starting salaries for graduate jobs have fallen over the past five years, according to new research.

new-build

New homes 'desperately needed' to stem rising prices

The UK desperately needs to build new homes to stem the surge in house prices, an industry body has warned.

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8% of 11-16 year-olds setting money aside for mortgage

A staggering 94% of today's 11-16 year olds are setting money aside for the future, with 8% already saving for a mortgage deposit, according to research.

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Budget 2014 at a glance

Our guide to all you need to know about George Osborne's fifth Budget.

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Help to Buy pushes up first-time buyer LTVs - CML

The average loan-to-value for first-time buyers was 82% in January up from 80% a year ago, lending data from the Council of Mortgage Lenders revealed.

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UK household spending fell to £489 a week in 2012

UK households spent an average of £489 a week in 2012, down from £526.40 in 2006, according to figures from the Office for National Statistics (ONS).

Piggy Bank

First-time buyers face 13-year deposit wait

First-time buyers will have to save for almost 13 years in order to put down an average deposit, according to research from Scottish Widows.

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Barclays agrees compensation deal for ING Direct customers

Barclays Bank has agreed to compensate some customers affected by its takeover of ING Direct UK, if the move compromises savers' protection under the Financial Services Compensation Scheme (FSCS).

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Mortgage rates plunge to historic lows - Moneyfacts

Mortgage rates have fallen to their lowest ever since the introduction of the Funding for Lending Scheme, said Moneyfacts.

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First-time buyer interest sparked by Government scheme

First-time buyers are visiting new-build sites in increasing numbers because of the government’s FirstBuy scheme, one of Britain’s largest constreuction companies has reported.

first-time buyer

HSBC focuses on first-time buyers

HSBC has launched a new range of 90% loan-to-value mortgages expected to appeal particularly to first-time buyers.

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Guide to Government schemes

There are a number of Government schemes in place to help first-time buyers, key workers and other lower earners onto the property ladder.

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Guide to moving home

Before you start looking for a specific property, it makes sense to choose a defined area and check it out.

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