Twitter Facebook RSS FEEDS

Only 14% of non-owners are saving for a deposit

Monday, 1 August 2011 11:54 AM

Just 14 per cent of those who do not yet own a home are saving for a deposit, according to a new study released today.

Research from Halifax into the saving habits of those looking to move onto the property ladder found that only a third of non-homeowners have a realistic plan to buy a house within the next five years.

A further 14 per cent are trying to save for a deposit but spend spare cash on having a good time, the study found.

The Halifax research also revealed the most common financial sacrifices that homeowners made to save enough to get on the ladder.

A third said they had cut down or stopped going out (34 per cent), and a quarter said they went on fewer or cheaper holidays (25 per cent), or spent less on clothes, toiletries and personal grooming (24 per cent).

Halifax said today it was launching its Head Start Home Saver programme as a new initiative to encourage potential first-time buyers to save for a deposit.

When a potential first-time buyer builds the balance of their savings accounts for ten out of 12 calendar months of the year immediately before taking out a Halifax Home Saver mortgage from the dedicated first-time buyer range, they will receive a £600 payment into the account from which they pay their mortgage.

Want to be the first to know when we break a story? Follow @AboutProperty on Twitter and subscribe to our free weekly newsletter. 

Related stories

Piggy bank – saving money for house

First-time buyers save for a deposit for 29 months

Londoners are the most independent but those in the South-West put down the biggest deposits.

 Row of terraced houses on a sunny day

Six million give up on ever owning a property

Only one in 20 potential buyers have enough money saved for a deposit – and 13% of Brits don’t plan to buy at all.
Paper inventories can be riskier than electronic ones. Image:Jupiter

Landlords warned over deposit legislation

New deposit legislation coming into force this Friday could see many landlords hit with big fines.

 Saving a more realistic 50 per cent of their discretionary earnings, getting on the ladder would take an average of 20 years in London.

First-time buyers face years of saving for deposit

Home Builders Federation calls for mortgage indemnity guarantee as report reveals huge deposit gap.
Piggy bank

Tenants in Scotland get deposit protection

Under the new rules, people renting Scottish property should be guaranteed their full deposit back - but is it good news for everyone?

 The scheme allows parents to save up to £3,600 a year on behalf of their children.

Start saving now for your child's house deposit

Saving through a Junior ISA could help kids get on the housing ladder, says Confused.com.
Mortgage application

Mortgage rates rise despite lenders' cost savings

The banks have been accused of squeezing their customers when the property market is already suffering and buyer confidence is low.

 Barratt homes

Loan to help parents get kids on property ladder

Homeowners are being offered up to £50,000 to help buy their children's first home - but is it enough to save Britain's struggling housing market?
Mortgage contract

First-time buyers urged 'be wary of mortgage deal'

Experts have warned that a new loan offer from Barratt and Hitachi Capital should only be used where "absolutely necessary".

 Bath Crescent

First-time buyers pay 7 times more than parents did

First-time buyers in London faced the greatest increase in price in 2010 at 669 per cent above the average asking price in 1983.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.