House Deposits Rise Faster Than Buyers Can Save

House prices are rising so quickly in London that deposits are outstripping the ability of first-time buyers to save. An analysis by mayoral hopeful Dame Tessa Jowell found it would take up to 40 years for the average saver to raise a deposit in the capital’s most expensive areas. But in 29 out of the 32 boroughs, rises were now so rapid that typical savers might never reach the point they could put down the deposit for a mortgage.  In Hackney, a 10 per cent deposit had risen £6,000 in a year, while a saver putting aside seven per cent of their earnings could raise only £2,200 during the same year. It means that the years needed to save for a deposit in the borough have risen from 17 to 19 in only 12 months. Read more on the Evening Standard website.