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

Solo First-Time Buyers Face Nearly a Decade of Saving for Deposits

Solo first-time buyers in England are facing an average savings period of nearly a decade to afford a deposit and upfront moving costs, according to new research. The findings, based on data from over 40,000 conveyancing quote forms submitted between June 2025 and June 2026, highlight significant regional differences in the time required to get on the property ladder.

The study, conducted by home-moving comparison site Reallymoving, found that a solo first-time buyer in England would need to save for 113 months—equivalent to nine years and five months—to accumulate the £27,315 needed for an average first-time buyer property priced at £250,000. This figure includes a 10% deposit of £25,000, average conveyancing costs of £1,421, a survey costing £462, and removal costs of £432, based on 2025 quotes.

The calculation assumes buyers can save 10% of their take-home pay each month, using data from the ONS Annual Survey of Hours and Earnings 2025, after deductions for tax, national insurance, and pension contributions.

Regional Differences Highlighted

The research revealed a stark North/South divide. First-time buyers in London face the longest savings period, needing 13 years to raise the £47,692 required. In contrast, buyers in the North East need to save for six years and seven months to reach the £16,763 needed. On average, buyers in the South of England need to save three years and four months longer than those in the North.

Impact of Lifetime ISA

The study also found that using a Lifetime ISA (LISA) could reduce the savings period by 23 months, bringing it down to around seven and a half years. The government has announced plans to replace the LISA with a new First Time Buyer ISA in 2028, which will have no upper age limit. Until then, eligible savers aged 18 to 39 can contribute up to £4,000 a year into a LISA and receive a 25% government bonus.

Changing Buyer Preferences

More than half (53%) of first-time buyers purchased a three-bedroom property or larger in the past year. The research attributes this trend to the increasing average age of first-time buyers, now 34, and evolving housing needs.

These findings are relevant for letting agents and inventory clerks, as they reflect ongoing challenges for first-time buyers and may influence demand for rental properties and larger homes.