Potential
first-time buyers in the
UK saving for a deposit will not be able to afford one until 2012, experts say.
Cooperative
Insurance (CIS) have stated that house price inflation means that first-time
buyers must save for longer to afford the amount needed.
According to the group, if would-be first-time buyers saved £307.50 per month, it would take approximately six years and two months to save the ten per cent deposit needed to
find a mortgage in London when the Olympics are staged.
These figures are based on the current rate of inflation, of 3.6 per cent.
David Newman, director of marketing at Co-operative Bank, said: "This data reveals the problems new home buyers face in what is clearly for many a marathon rather than a sprint when running up a decent deposit.
"At a time when many British athletes will be showing greater training discipline to strike gold in 2012, the same level of commitment to saving must be shown by those looking to get their foot on the housing ladder."
Estate agent Knight Frank recently stated that
mortgage rates on top London properties have risen by around 20 per cent since the start of the year.
