Single first-time buyers in Wales taking eight years to get deposit

A single first-time buyer in Wales faces saving for almost eight years to raise a 15% deposit, and a little under three years to find just 5%, a report has found.

According to Hamptons International, someone starting to save now could expect to buy their first home in 2026; while across England and Wales the average single first-time buyer faces saving for 10 and a half years to raise a 15% deposit on their first home.

The research used Office for National Statistics (ONS) earnings figures for people aged in their 20s, reflecting the age of people saving for their first home, and took into account potential pay rises as households move up the career ladder.

It assumed that households could save 22% of their remaining income towards a deposit, after regular bills were taken into account.

It also assumed wages and house prices would increase in line with Office for Budget Responsibility (OBR) forecasts and that first-time buyers would buy a home priced at around 85% of the average house price in their region.

But this means the time it takes to save for a deposit has actually fallen slightly. A year ago, it would have taken 11 years to save, according to the calculations.

The slightly faster timescale compared with the situation a year ago reflects slower house price growth and a rise in incomes, the report said.

Meanwhile, a Welsh couple saving together to get on the property ladder would take around four years to find 15%, and 18 months to save up the 5%.

The fastest place to save for a 15% deposit in the study is in the North East,