September 2018

Planning and compromise the key to that first home

In financial services at Post Office, we spend a lot of time speaking with consumers to understand their needs. When it comes to first-time homebuyers, in the past we’ve spoken with them when they were well into their journey. Yet we’ve recently learned that a typical ‘FTB’ in Britain will spend up to four years saving for that all-important deposit, and making many sacrifices along the way. With the average deposit for a FTB home currently circa £50,000 – ranging from £22,000 in Blackpool to £173,000 in some parts of London – this is no easy feat, especially for younger buyers.