Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Solo First-Time Buyers Face Up to 10-Year Wait for Home Ownership

Solo first-time buyers in England could wait up to 10 years to save enough for a home deposit, according to research by home moving comparison site Reallymoving. The study found that saving 10% of monthly income would require an average of nine-and-a-half years, or 113 months, to reach the typical deposit and moving costs for a first home.

The research calculated that a solo buyer earning the average salary of £39,298 would need to save £27,315 to cover a 10% deposit of £25,000 on a £250,000 property, plus additional costs for conveyancing, surveys, and removals. The average age of a first-time buyer in England is now 34, and more buyers are seeking larger homes, with 53% purchasing three-bedroom properties.

Regional Differences in Saving Times

The time required to save for a deposit varies significantly across the UK. In London, first-time buyers face the longest wait, needing 156 months to save £47,692, while buyers in the North East require 79 months to save £16,763. On average, first-time buyers in the South of England need to save for four years and three months longer than those in the North.

Joint Buyers and Lifetime ISAs

The research also found that buyers purchasing with another person can get on the property ladder in half the time, averaging 56 months of saving. Those using a Lifetime ISA (LISA) can reduce their saving period by 23 months. The government has announced plans to replace the LISA with a First-Time Buyer ISA in 2028, which will have no upper age limit.

Implications for Letting Agents and Inventory Clerks

These findings highlight ongoing challenges for solo first-time buyers, which may impact demand for rental properties and the length of tenancies. Regional differences in saving times could also influence local rental markets and property management needs.