Average first-time buyer deposits revealed - What Mortgage

Average first-time buyer deposits revealed – What Mortgage

Mortgage lender Halifax’s new data indicates that the average first-time British homebuyer is putting down a fifteen percent deposit. This is closer to the average deposit of fourteen percent noted in 2008 than to the higher deposit rates — as much as twenty percent — that occurred in 2009 following the elimination of mortgages without deposits. The average first-time buyer in the UK overall is 31 — up from 29 a decade ago — while in London the average first-timer is 33.

Key Takeaways:

Halifax, the mortgage lender, has revealed new data that shows that the average deposit for first time home buyers have barely changed since 2008.
With the average deposit for first time home buyers rising, they are finding it difficult to achieve this target because house prices are soaring.
The actual figure first time buyers were putting down as deposit varies from region to region in UK. In London, it is 110,000 pounds.

“In 2009, just after the credit crunch had hit and 100% mortgages which required no deposit were eradicated, average first-time buyer deposits soared to 20%, their highest level in the last decade.”