Prospective homebuyers squandering deposit money
News Category: Industry News
Published: 19-Mar-2008
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A growing number of prospective UK homebuyers are sabotaging their plans to get themselves onto the property ladder by dipping into their deposit savings.
That is the message from Abbey Mortgages, which has conducted new research revealing a significant rise in the number of first-time buyers squandering their savings for a property purchase.
Over the past year, the number of homebuyers dipping into their savings has increased to 42 per cent, with consumers instead choosing to put the money towards deposits on luxury items, holidays and cars.
Nici Audhlam-Gardiner, director of Abbey Mortgages, said: "Saving £23,000 or more for a deposit is no mean feat, particularly if you let distractions get in your way.
"First-time buyers may be more tempted to dip into their deposit savings this year because of the uncertainty in the market and prospect of falling house prices."
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