David Blake of Which? Mortgage Advisers said:
“Given our research shows a third needed up to five years to save for a deposit on a home, the top up from a Help to Buy ISA will be a welcome boost to those trying to take the first step onto the property ladder.”
- In June 2015, Which? Mortgage Advisers commissioned Research Now to survey 1,990 nationally representative members of the general public who had either bought or sold a house in the previous five years. The online survey asked respondents about their experiences of buying and selling a property. 469 of those people were first time buyers and make up the sample for the two questions quoted here.
- Any questions relating to costs were limited to those who bought or sold in the previous two years.
- One third (34%) of first-time buyers across the UK saved for up to two years for a house deposit
- Another third (33%) saved for between two and five years for a house deposit
For more information and advice for first time buyers: http://www.which.co.uk/money/mortgages-and-property/guides/help-to-buy-explained/help-to-buy-isa-video-guide/