THE average time it takes for a single first-time buyer to save for a mortgage deposit in the region has fallen – to 13 years!

Research suggests the time it took for an individual to get together a deposit in the South West had fallen by six months between the last quarter of 2016 and the same period in 2018.

For a couple, the wait fell by three months in the same time – to three years and six months.

The length of time it took to save for a deposit of 15 per cent of a house price fell in eight out of 10 UK regions. A single person in London, who started saving now, would not have their deposit ready until the end of 2034 – although that was a drop of three months.

Aneisha Beveridge, head of research at estate agency Hamptons International, said: “Saving a deposit is still the biggest barrier to buying a home, but things did improve in 2018. Slowing house price growth – which is expected to continue – combined with rising wages, meant that last year it was six months quicker to save for a home than it was two years earlier. However, despite the slight improvement in affordability it still takes a single person more than a decade to save up to buy a home.

“Conditions are hardest in the capital where house prices have increased the most over the last decade. Despite price growth cooling off more recently, it still takes a single person over 15 years to save up for a 15 per cent deposit for a home in the capital. This is over nine years longer than in the North East, which is the quickest region to save for a home.”