First-time buyers seek additional income

16 November 2011

An increasing number of first-time buyers are undertaking extra work to help save for a housing deposit.

Estate Agent Today has reported that research carried out by Santander has shown 28% of potential first-time buyers are working a second job or over time to help raise funds for a housing deposit. 

A further 27% will take out a personal loan to help raise the money which, based on the average deposit for a first-time buyer, now stands at £37,375.

A quarter of non-home owners, however, are positive and looking to buy within five years. Their ambition can be supported by the increasing number of housing schemes that are either already available or being set in motion. Such schemes include, shared equity, Right-to-Buy, buy now, part pay later and Rent to Homebuy.

For more information about the housing schemes, please contact us.

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