From all the boomer banter, you would think the younger generations are too work-shy and latte-obsessed to save for a rainy day. The property portal Purplebricks tells a different story. Its research shows that 43 per cent of first-time buyers surveyed last month had saved their full deposit themselves, with no help from the Bank of Mum and Dad, up from 29 per cent in 2016.
What’s more, Purplebricks reports that first-time buyers are putting down less money. The average downpayment in the UK was £32,954 in 2016, but now it’s £27,521. Lower consumer spending means buyers can save more themselves and are less reliant on a gifted deposit. The rise of remote working means they can buy in cheaper places too, with 68 per
