ASPIRING homeowners in Worcester have spoken of the difficulty of finding the money, as new research shows it takes more than four years to save for a 10 per cent deposit in the city on average.

Worcester has been included in the list of the most affordable cities in England for the number of years needed to save for a 10 per cent deposit, and research shows that most people here achieve their saving goals in 4.2 years.

Aspiring homeowner, Steph Atkins, 21, said: “I would love to own my own home as I feel there is little stability in renting, however, at the moment there is no plausible way I'm going be able to afford the deposit.

"I am studying and working and live alone in a rented property, meaning any money I would like to save currently goes on my rent. It is a real struggle to come up with such a large sum of money.”

Nutmeg, a digital wealth manager, investigated how long it takes to put enough money away for a 10 per cent deposit in England and revealed that in cities such as London, it could take over nine years.

Some of the more affordable cities include Leicester and Sheffield, where it takes an average of 3.5 years.


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Lisa Caplan, Nutmeg’s head of financial advice, said: “Many people dream of owning their first home, but it can seem unachievable. By putting some money away each month and making the most of a government top-up available through a Lifetime ISA, your aspirations for home ownership might be closer than you think.”

From April 2017, people between 18 and 39 have been able to open a Lifetime ISA and contribute up to £4,000 each tax year. The government then provides a 25 per cent bonus on these contributions.

Lifetime ISAs can be used toward the purchase of a first home or accessed in retirement.

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