A single first time buyer would need to save for more than nine years to build a deposit big enough to afford a typical London starter home, new analysis reveals today.
According to the estimates from online broker Mojo Mortgages, a solo buyer paying average rent would be able to save £582 a month. At this rate it would take nine years and four months to accumulate the £65,471 deposit needed to access reasonably priced mortgages. That represents 15% of the average cost of a first time buyer home of £436,475.
