First time home buyers now need an average deposit of 33000 to buy a home and the interesting thing is that Londoners need more than 100000 pounds. The average first time deposit has doubled over the last decade. London prices have gone up four times in that span. But, the number of buyers has also gone up, which is interesting to note. There are many factors, such as the high level of employment that is helping people buy.
Key Takeaways:
- The Sun Times has posted a map, detailing localities across the UK, along with that regions average deposit requirement to get on board for a new home.
- Per the map, only inhabitants of three of the thirteen listed regions got off with less than a £20,000 initial deposit to own a home.
- South Easterners, while requiring the second highest deposit of £50,144, still needed more than fifty percent less than London dwellers.
“Londoners need to stump up even more, with buyers needing an average of £106,577 to get on the property ladder, according to Halifax’s First-Time Buyer Review.”