Scots first time buyers expect to spend more than three years saving deposit

Annual First Time Buyers Research from Clydesdale and Yorkshire Banks found that the largest percentage (46 per cent) anticipated taking between one and three years, however 10 per cent of those surveyed plan to save for over five years to get onto the property ladder.

In Scotland, a third expect to save for more than four years while just over a quarter anticipate it will take between one and two years to build up a deposit.

The boomerang generation – those who have rented a property and then moved back to live with their parents – hope to see the benefit when it comes to saving a deposit with half planning to save the required funds within two years and all those surveyed aiming to reach their financial goal within four years.

In contrast, almost 30 per cent of those who are currently renting a property believe it will take more than four years to save a large enough deposit to buy their own home.

Steve Fletcher, director, Retail Banking, said: “We understand that saving a deposit can be one of the biggest challenges for first time buyers, particularly for those who already rent a property and have considerable monthly outgoings.”