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.”