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Halifax Have Suggestion For Ftbs

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LONDON (Reuters) - First-time buyers need at least five years to save for a deposit on a new home as house price rises far outstrip earnings, a report by the nation's largest mortgage lender showed on Saturday.
Halifax, part of the HBOS Plc (LSE: HBOS.L - news) banking group, said that compared with three years needed to get the deposit together five years ago and contrasted markedly with just two years a decade ago.
As house price rises have outstripped earnings growth, a rising number of buyers have been kept off the property ladder, causing a drop in the number of first-time buyers, a traditional driver of the housing market.
First-time buyers just need to save harder and longer than before so as to put down a deposit on a house, Tim Crawford, group economist at Halifax, said in a statement.

Mr. Brown's "miracle economy" in action.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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