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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.

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Publication:Coventry Evening Telegraph (England)
Geographic Code:1CANA
Date:Jul 3, 2017
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