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Co-op releases first-time buyer research

First-time buyers plan to save an average of £20,000 before purchasing their home, the Co-operative Bank has revealed.New research, undertaken by the bank in collaboration with Places for People, also showed that the typical buyer is planning to wait two years before getting on the property ladder, the Press Association reports.The group were found to be conservative on matters of property, with 54 per cent saying that renting a home was like "throwing money down the drain".Moreover, 46 per cent said that they were willing to downgrade their requirements for a home, if doing so let them on to the property ladder.The credit crunch was also found to be eating in to first-time buyer budgets.This year, nine per cent said that they were not willing to make lifestyle sacrifices in order to have enough money to buy property.In 2007, this figure stood at 57 per cent.

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