Average first time buyer deposit rises to 33000 GBP

Tue, 11 Jul 2017

Average first time buyer deposit rises to 33000 GBP
On average, first-time buyers need a deposit of £32,889 to get onto the property ladder, according to Halifax's First-Time Buyer Review.

Halifax's report found that 47 per cent of all property purchases with a mortgage in 2017 were through first-time buyers, while the average house sale was £207,693, a record high.

In the first six months of this year, there were an estimated 162,704 first-time buyers, 15 per cent lower than the peak seen in the last housing boom a decade ago.

Across the UK there are great variances in the proportion of the property price that must be put down as a deposit. In Wales, buyers only need a 13 per cent deposit, but in London buyers need a 26 per cent deposit, with the average deposit being £106,577.

The most affordable location for first-time buyers was found to be in Scotland, with a home in Stirling costing around £136,181, which is around 2.9 times the local average earnings.

"Although the number of first-time buyers grew at a slower rate in the first half of the year compared to 2016, the levels remain healthy and the market is achieving record average house price for first-time buyers," said Martin Ellis, housing economist at Halifax.

"For the third time in four years the numbers getting on the housing ladder have exceeded 150,000 - a level of momentum not seen since before the financial crisis.

"High levels of employment, low mortgage rates and government schemes such as Help to Buy have also helped these numbers remain robust, as first-time buyers continue to form a fundamental part of the UK housing market."
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