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Posted by Craig Williams

A growing number of younger people struggling to afford a residential property have begun storing money away in earnest in order to meet rising prices in the sector.

That is according to Andy Pratt, chief operating officer at Alexander Hall, who noted that many prospective first-time buyers are now "actively" saving as they have recognised how difficult it is to access the necessary capital required to purchase a home in the wake of the global economic downturn.

Mr Pratt explained that banks and building societies have been advising such customers to "go away and save up a deposit", which has resulted in many "tightening their belts and saving a little bit more".

These comments came after the publication of figures from Safe Home Income Plans, which recently showed that modern-day first-time borrowers are having to pay seven times the price their parents did to get their feet on the property ladder.
 

13/04/2011 16:09