Brits saving up

Posted: 26 Jun 2006 17:27:05 GMT

Increasing numbers of Brits are borrowing less and saving more, a move that could allow them to get a foot on the property ladder.

According to new figures from IFA Promotion, Britons borrowed just ten pence for every pound they saved during the first three months of 2006, compared to 52 pence for every pound saved during the same period last year.

And new borrowing, IFA says, was at its lowest level since 2000 during the first quarter of this year, demonstrating consumers' determination to cut down on spending and start saving for the future.

With house prices continuing to soar, this could prove a sensible move, allowing first time buyers in particular to raise the money they need for that all important deposit.

David Elms, chief executive of IFA Promotion, said: "The nation appears to be reining in their debt and showing commitment to saving which, overall, is fantastic news to report."


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