A first-time buyer faces an average wait of ten years to save enough money to get on to the property ladder, research suggests – rising to nearly 16 years in London.
Across England and Wales, the average time it takes a single first-time buyer to raise a 15 per cent deposit is ten years and three months, according to calculations from Hamptons International.
Figures - Quarter - Year - Improvement - Quarter
The figures, based on the fourth quarter of last year, are an improvement on the fourth quarter of 2016, when it took an estimated ten years and nine months.
Aneisha Beveridge, of Hamptons International, said: 'Slowing house price growth – which is expected to continue – combined with rising wages, meant that last year it was six months quicker to save for a home than it was two years...