First-time homebuyers now need nearly 10 years to save a deposit, research finds

There were wide regional variations across England, Generation Rent’s research found, but saving a mortgage deposit has become more challenging for most. Photograph: Simon Dack/Alamy

The average time it takes to save for a home deposit in England has climbed to almost 10 years underlining the growing unaffordability for first-time buyers, according to new research.

The campaign group Generation Rent said in 2012 it would typically take 6.8 years to save for a deposit for a mortgage. However, soaring private rents and higher house prices have added almost three years to that figure, pushing it up to 9.6 years.