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Long wait for mortgage savers

FOR buyers in the West Midlands saving for their first home, it is now nine times harder than it was in the good old days of the mid 90s, according to Barclays.

FOR buyers in the West Midlands saving for their first home, it is now nine times harder than it was in the good old days of the mid 90s, according to Barclays.

The amount of time it takes first time buyers in the West Midlands to save for their deposit to buy their first home has increased from just one year eight months in 1995 to nine years 10 months in 2012. This leaves first time homeowners with a much higher hurdle to overcome and means many are turning to the bank of mum and dad to ease the burden.

However, although saving for a dream first home is difficult, conditions have improved since the financial crisis of 2009 when it took an average of 13 years two months to save a deposit.

 

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