Are First Time Buyers An Endangered Species? | Property Mentor

Are First Time Buyers An Endangered Species? | Property Mentor

First time buyers may make up the foundation of the property market enabling property owners on the bottom of the property ladder to trade up; however every year fewer first time buyers manage to get onto the market.

Analysing their latest figures, property portal InvestorBee has revealed that the problem lies with first time buyers who are unwilling to put in the time to save up for a deposit.

Whilst research has proven that a first time buyer with an average salary of £23,000 will have to save up for 15.6 years in order to put down a 20% deposit (based on them saving 9.3% of their salary every year to buy a £169,411 property investment). Many first time buyers are unwilling to wait 10 years to get onto the property ladder and want to invest in property in the next 2 years.

During their survey, InvestorBee found: (via Link above ....)