FTBs want house deposit for Christmas

The majority of first time buyers (FTBs) would like to receive a deposit on a house for Christmas.

A total of 62 per cent of young buyers said that this would be their ideal gift, suggesting that saving is the hardest party of buying for FTBs.

A further 25 per cent said that they would like to see the base rate of interest cut considerably, while 13 per cent want to see the stamp duty threshold raised.

"First time buyers are crying out for help, with one in four prepared to pass up a cash in the hand deposit in favour of interest rate cuts," said Stewart Luetchens, managing director of Hot Property.

"However, the survey also highlights that one of the main barriers for first-time buyers is affordability in terms of being able to have the cash for a deposit, with 62 per cent opting for cash over changes that could have much more impact in the long-term.

"Although we in the industry often talk about interest rates and government regulations as major barriers, it is obvious that first time buyers out there just want the cash in the hand," he added.

The base rate of interest was cut by 0.25 percentage points in December for the first time in over two years.

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