For thousands of solo first-time buyers in England, the dream of owning their own home has become a daunting reality check: a decade-long savings slog that seems more like an unattainable milestone than a achievable goal. According to a recent study by Reallymoving, a leading home-moving comparison site, these individuals face a gruelling 113 months – nearly nine and a half years – of saving to accumulate the required £27,315 deposit and cover upfront moving expenses.
The research analysed 40,454 conveyancing quote forms submitted by first-time buyers between June 2025 and June 2026, revealing the significant financial hurdles solo buyers must overcome. Assuming a 10% deposit of £25,000 for a home priced at £250,000, alongside typical conveyancing costs of £1,421, a survey at £462, and removal costs of £432, these individuals would need to set aside 10% of their monthly take-home pay – around £230 per month. This calculation was based on data from the ONS Annual Survey of Hours and Earnings 2025, after deducting 25% for tax, National Insurance, and pension contributions.
The government's planned introduction of a new First Time Buyer ISA in 2028 could offer some respite to these individuals, allowing them to reduce their savings period by up to 23 months. However, the study highlights a stark North/South divide in the time required to save, with first-time buyers in London facing the most formidable challenge: needing 13 years to accumulate an estimated £47,692.
Regionally, the study found that first-time buyers in the South of England will need to save three years and four months longer than their counterparts in the North. The proposed £450,000 property price cap for the new ISA has been welcomed by Rob Houghton, founder and chief executive of Reallymoving, who suggests it should be re-evaluated to better reflect values in London and the South East.