Deposit on a house 'could take 15 years to raise'

Have you paid much thought to what you may be doing in the year 2023? Going on a holiday to the moon, enjoying savings from an electric car perhaps … or finally getting a foot on the property ladder?

New research from Fairinvestment.co.uk has found that this could be the case for many aspiring homeowners due to a lack of saving during the credit crunch.

The company found that the average person is only saving an average of £139 a month or £1,688 a year towards a deposit on a house, meaning that it could take them 15 years to save the 15 per cent that Halifax says is needed for a mortgage.

However, it also found that if a couple combine their savings, they could afford the 15 per cent deposit on an average £174,178 house in seven years.

Fairinvestment.co.uk spokesperson Sharon Bratley said that her advice to first-time buyers is to save, save, save, preferably in a high-interest account which could help to boost money they already have.

"The news is shocking but comes as no real surprise considering the state of the housing and mortgage market at the moment," she added.

Earlier this week, it was widely reported that million of housebuyers are facing more expensive mortgages following the banking crisis which is making financial providers more wary of lending to each other.