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First-time buyers at record low
Sunday 29th January, 2006 00:27 Comments: 0
According to an article I read on the BBC News website, the number of first-time home buyers across the UK is at a 25-year low. The average person has to spend five years saving for a deposit, says the study from Britain's biggest mortgage lender the Halifax.

The Halifax says about 320,000 people got on the property ladder last year - 10% fewer than in 2004, and down 40% on 2002. The average person now needs a deposit of almost £24,000 and is aged 33 when they buy their first home. The report said that in 2005, the number of first-time buyers had fallen to its lowest level since 1980, although there were signs of a slight pick up during the second half of the year. The average person must now save a deposit of £23,967 - more than double the £9,894 they needed five years ago, it added.
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