Yorkshire is the best region in the UK for saving for a new home, according to a survey of 1,000 first time buyers by mortgage advice company First Mortgage.
The average Yorkshire resident is saving enough for their deposit in just one year, compared with the national average of three years. Top saving techniques in Yorkshire include: 37 per cent reducing their eating out habits, 30 per cent saving by not going on holiday and nearly one in five (17 per cent) have moved back in with their parents.
The survey showed that first time buyers in Yorkshire are among the quickest to get onto the property ladder with 40 per cent saving enough for a deposit in just one year. The ideal home for first time buyers is a two-bedroom property with Yorkshire residents aiming to save an average deposit of £27,000. Over a third (36 per cent) of first time buyers said they do not have a fixed amount to save each month to put towards buying their first home. First Mortgage said the UK’s super savers hail from Yorkshire (39 per cent), Scotland (31 per cent) and the South East (28 per cent) who have saved enough for their deposit in a year.
The nation’s slowest savers are in the South West, the North East and London, where it would take many savers five years to put together a deposit, significantly longer than their counterparts in Yorkshire, Scotland and the South East. First Mortgage spokesperson, David McGrail, said: “It might seem harder than ever to get on to the property ladder in a world full of economic uncertainty, however it is possible if you want it. “Our advice to first home buyers in this climate is to take advantage. With overseas travel limited, Government support through the reduction of stamp duty, and less socialising, it is prime time to get your finances in order and create a plan to get your dream home.”
First Mortgage said its top five tips are:
- Move back in with your parents and pay your usual rent into a savings account
- Plan ahead with meals and cook from home as forgoing a £20 meal out a week can save you over £1,000
- Cut back on holidays and look locally to explore free and new places
- Get your takeaway caffeine habit under control and pack a coffee from home instead
- Be disciplined and set targets for weekly/monthly savings. Using products like Help to Buy ISAs and LISAs help you save quicker by earning bonuses from the Government
Source: Yorkshire Post