How long does it take to save for a deposit?

This all depends on how much you can afford to save and what area you’d like to buy in.

It can typically take an average of 8 years to save for a deposit, but a study by Hamptons International breaks this down in more detail.

The study shows that a single first-time buyer living in central London would need approximately 15 years to save for a deposit. The average couple would need to save for 8 years and 9 months to hit the 15 per cent deposit for their first home.

A single first-time buyer living living in England & Wales would need approximately 10 years to save for a deposit, whereas a couple would need 4-5 years.

Source: Hamptons.co.uk