Discipline is key to saving for a property

Discipline is essential to people trying to build up a deposit in an account with one of the best savings interest rates, it has been claimed.

Matt Griffith, spokesman for PricedOut, said that high property prices combined with stricter mortgage lending criteria mean that first-time buyers will have to deal with challenges in their quest to build up the necessary funds.

"First-time buyers can at least take comfort that house prices look like being stagnant at best for the next five years, and may well fall, meaning that their discipline should be rewarded," he said.

New figures from Halifax show that although three-quarters of people aim to buy their own home just 14 per cent of non-homeowners are making sacrifices to their lifestyles in order to build up a deposit.

Mr Griffith added that lack of determination to save in accounts with the best savings interest rates is not the reason first-time buyers are struggling to get on the property ladder.

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2011-08-02 12:59:47 © Moneyextra.com