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Property further out of reach for Northern buyers

The property divide between Northern and Southern England is closing says new research from National Savings and Investments.

First time buyers in Scotland and the North of England have seen a nine month increase in the amount of time it takes to save a deposit for a home over the last year, from three years and nine months to four years and six months.

NS&I says first time buyers are facing a much longer wait in the North although the South of England remains the hardest place to save for a home with London buyers taking an average of four years and nine months to get a deposit together.

NS&I senior savings strategist Dax Harkins says: “It is concerning to see that it now takes all UK first-time buyers over four years to save for a deposit for their first home. With incomes and savings rates continuing to lag behind house price inflation, this means potential first-time buyers need to start saving sooner and harder to get into the market.”

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