Printer Friendly

PS33k average deposit for first-time buyers.

FIRST-TIME buyers make up nearly half of all house purchases financed by a mortgage but those taking their first step on the property ladder need to put down a PS33,000 deposit on average, a report has found.

During the first half of 2017, 47 per cent of all house purchases with a mortgage across the UK were made by first-time buyers, according to the Halifax First-Time Buyer Review.

But the average price paid for a first home is at a record high of PS207,693, Halifax found. The average first-time buyer deposit put down in the first six months of 2017 was PS32,899 - equating to 16 per cent of the purchase price.

In London, first-time buyers need to put together a deposit of PS106,577 typically, or 26 per cent of the average price of a home.

First-time buyers in Northern Ireland put down the lowest deposits in cash terms on average, at PS16,457. In Scotland, first-time buyers need a deposit of PS21,565 on average while in Wales the typical first-time buyer deposit is PS17,193.

Across the UK, the number of first-time buyers reached an estimated 162,704 in the first six months of 2017, which is only 15% below a peak seen in the last boom in 2006, Halifax said.

COPYRIGHT 2017 Coventry Newpapers
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Coventry Evening Telegraph (England)
Geographic Code:1CANA
Date:Jul 3, 2017
Words:216
Previous Article:Kittel claims win as Brits hit the deck; CYCLING.
Next Article:Police officer who saved suicidal man on M6 up for bravery award.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters