No one was willing to wait more than 10 years, even though no region, on average, can afford to buy before then.
According to the data first-time buyers in the North West, who on average earn £22,645 and save 9.6% of their salary, need the least amount of time to save for a deposit, taking 15.1 years to save 20% of the average house price (£163,030) in the region. With the highest house prices and one of the lowest saving ratios in the country, those in Greater London have the longest to wait, needing almost 23 years to get on the property ladder.
Graham Mannion, managing director and founder of InvestorBee, says: “There is a misalignment between what first-time buyers want to do and what they actually can do with their savings. By understanding what people like them can save, particularly those putting away a lot, it should give them the confidence to save more so that they can reach their goals sooner.”
InvestorBee is a new service that will give people the information they need to take control of their money and set realistic saving targets. By opening up its database of the actual savings and investments of over one million individuals in the UK, InvestorBee will take the guesswork out of saving and investing. With this information at their fingertips, for the first time, users can benchmark their current savings habits and investment strategies against what other people like them are doing, make more informed decisions for the future and choose the savings strategies that are right for them.
Mannion continues: “Although the percentage of salaries being saved across the UK varies greatly with region, it’s encouraging to see that, even with the current economic crisis, many people are still managing to save money each month. However, we know that there’s massive confusion amongst consumers about what’s best to do with their money. This is why we launched InvestorBee: to help consumers make an informed choice about what to do with their money based on facts, not opinions.”
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