Levenshulme and Burnage Property News
Deposits vary by region for first-time buyers
Tom Simper
Aug 5, 2023, 12:00 PM
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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