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Mortgages - Abbey: Savings hit by living costs - 19/03/2008

  
 
  UK first time buyers are putting off their future home purchases by raiding their savings, a new study from Abbey shows.

Around £1.9 billion was found to have been spent this way over the past year - with four times as many 'deposit dippers' than before recorded by the mortgage provider.

A slim majority (53 per cent) said that general costs of living had forced them to chip away at their nest egg.

One quarter used the money to buy a car, however - and four per cent said that they transferred funds in order to pay for a celebration.
Nici Audhlam-Gardiner, director of Abbey Mortgages, commented: "Saving…for a deposit is no mean feat, particularly if you let distractions get in your way - but if you're single minded and set yourself a realistic savings target then you could find yourself making an offer on a house sooner than you think.

"First time buyers may be more tempted to dip into their deposit savings this year because of the uncertainty in the market and prospect of falling house prices; however there are still very good reasons for people to get on the housing ladder as property continues to be a good investment for the longer term."
 
     
 
 
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