Brits planning to become first-time buyers should be willing to show their commitment when saving for a mortgage deposit.
According to PricedOut, it is essential to show discipline when putting money away for a home loan.
Spokesman Matt Griffith explained that the combination of lenders’ strict mortgage criteria and high house prices have meant that taking your first step on the property ladder is often a “daunting task”.
“First-time buyers can at least take comfort that house prices look like being stagnant at best for the next five years, and may well fall, meaning that their discipline should be rewarded,” he said.
Recent Halifax figures show that 14 per cent of non-homeowners are putting away all of their spare cash towards a mortgage.
Mr Griffith added : “Lack of saving is not the main reason first-time buyers can’t afford housing – they are unlucky enough to find themselves at the end of the UK’s largest ever house price boom and are paying the price of decades of failure to build more housing.”