A survey by National Savings and Investments, the government backed agency, shows that first time buyers now take an average of four years to save up enough money for a deposit. This represents a three month increase from six months ago and a nine month rise from a year ago. Buyers in East Anglia save for the longest period, five years, whereas those in Scotland save for the least time, three years and nine months. First time buyers in London save for an average of four years and six months. Dax Harkins, senior savings strategist at National Savings and Investments, said: “As a group first-time buyers seem to have standard expectations of what they can reasonably afford. But house prices have continued to outstrip savings rates and incomes over the last year, making it simply more expensive for potential buyers.” (FT)