More Brits saving for bricks and mortar

New research from Birmingham Midshires' Saving Britain campaign shows a 29 per cent increase in the number of British savers putting money aside for a deposit on a house.

An increasing number of young savers are putting money aside in order to build a deposit for their first home. Ensuring a firm foot is on the first step of the property ladder, a quarter of savers aged 25 to 34 are saving for a property (23%) compared with a fifth in July 2008 (19%). Furthermore, one in ten British savers aged 35 to 44 are now saving for a deposit on a house (10%), compared with eight per cent seven months ago.

Whilst London is traditionally home to the most people saving for a deposit, property markets in Wales and East Anglia stand to benefit most from the increased tendency amongst Britons to save for a future property purchase. The percentage of people saving for a property in Wales has increased from six to 16 per cent since July 2008. However, savers in Lancashire and Scotland are now less likely to be saving for a property.

The research reveals a significant shift in Britons' saving priorities over the last six months, with people increasingly saving for the big-ticket purchases they may otherwise have undertaken via credit.

The wedding must go on: Britons are carefully assessing their financial circumstances when planning to marry as there has been an increase in the percentage of people age 25 to 34 saving for a wedding since July 2008 (from 6% to 10%).

Britons in need of a break: 27 per cent of British savers are currently saving for a holiday - a small increase on the number of savers putting money aside for a holiday in July 2008 (25%).

Savings more focused: The percentage of savers saving for ‘nothing in particular' has fallen slightly in the last seven months, (now 35% down from 37% in July 2008) suggesting that people are now more likely to be saving with a goal in mind rather than purely out of habit.

Tim Hague, Director of Savings at Birmingham Midshires commented: "This research shows a change in the mindset of Britons over the last seven months. One positive thing to come out of the current financial uncertainty may be a renewed understanding of the importance of saving money in advance of making big purchases. The need for people to prepare for their financial future is increasingly important."