First time buyers saving up to ten years for house deposit

New research from Which? Mortgage Advisers reveals that first time buyers are saving for up to a decade for a deposit for a home, with more than two thirds saving for over two years.

In a survey of more than 1,000 first time buyers, seven in 10 (69%) said it took more than two years to build their home deposit and a quarter (23%) had to save for 5-10 years, illustrating the struggle so-called ‘Generation Renters’ have trying to get onto the property ladder.

To help first time buyers to plan realistically, Which? has launched a free interactive tool that allows you to work out how long it will take you to save up enough to buy your dream home. You can try the tool by visiting

The bank of mum and dad continues to play a central role in the property market, as three in 10 (29%) were supported by contributions from their parents. A further 8% were given financial help by other family members.

In London, four in 10 (39%) received financial contributions from their parents when taking their first step on the property ladder.

David Blake, Principal Mortgage Adviser, Which? Mortgage Advisers said:

“Our research reveals the real difficulty that first time buyers have in saving enough money for a deposit.

“Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”

Notes to editor

  • Which? Mortgage Advisers surveyed 2000 people as part of an annual home buyers survey 2017 (1,086 of those surveyed were first time buyers).
  • Which? Mortgage Advisers found that the average size of a mortgage for a first time buyer was 68% loan-to-value (LTV).
  • Find out more about saving a deposit for a mortgage here –
  • Which? Mortgage Advisers is one of the Which? commercial services. When an important market fails to deliver value for customers, we develop products and services that put customers’ needs first. Which? Mortgage Advisers provides truly independent, whole-of-market mortgage advice. You can find out more by visiting
  • If you’d like to speak to an impartial expert about what you can afford and the best mortgage lenders and deals for your personal circumstances, call Which? Mortgage Advisers on 0808 252 7987

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