DEPOSITS VARY BY REGION FOR FIRST-TIME BUYERS

News at Ware & Co | 08/08/2023

  • To buy a home in the UK, first-time buyers have an average deposit of between £26,400 and £144,500.
  • The average deposit paid by a first-time buyer in the UK is 24% of the purchase price (UK Finance), with many putting down a larger deposit down for their first home.
  • Most expensive is London, where the average deposit is £144,500, almost a third of the average sale price.
  • Mortgages aimed at first-time buyers, such as the 100% deposit or the shared ownership scheme, can work out cheaper than renting and have helped many onto the property ladder.
 
Source: #Dataloft, UK HPI, UK Finance

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