Brits are failing to save for deposits

Less than a fifth of British non-homeowners are currently saving for a deposit for cheap mortgages, it has been revealed.

A new poll by Halifax found that despite three-quarters of Brits aspiring to purchase their own home, just 14 per cent are actually saving up in order to fulfil that dream.

It found that 32 per cent non-homeowners have realistic plans to buy a house within the next five years, with 14 per cent making sacrifices to their lifestyle in order to do this.

However, a further 14 per cent claim that they are trying to save for a deposit but concede that they spend spare money on having a good time.

"We know from our own research that for some customers to get on to the ladder, their savings behaviours need to change," said Simon Kenyon, Halifax Savings director.

According to data from the English Housing Survey, 86 per cent of people would buy their own property if they had the chance.

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2011-08-01 13:05:04 © Moneyextra.com