How much money do first-time buyers need to buy a home in Britain?

If your New Year’s resolution for 2016 is to save a deposit then this news story might just make you want to give up.

According to Halifax, first-time buyers in the UK need to stump up an average of £30,000 to pay their deposits.

This is why the estimated number of first-time buyers dropped 0.5% to 310,000 in 2015.

In London, first-time buyers need to save an average of £90,000 towards their deposit , that’s around three times more than the average deposit for a UK home.

Halifax said a lack of supply of homes has led to a decline in the number of first-time buyers.

Craig McKinlay, mortgages director at Halifax, said: “Although the average price of the typical first-time buyer home has grown by 10% in the past year, the number of buyers taking that first step onto the housing ladder has been supported by favourable economic conditions; namely, record low mortgage rates, rising employment and real pay growth.”

Here’s how much money first-time buyers need to buy a home in Britain:

North

Average house price: £118,254

Average deposits: £17,738, 15%

Yorkshire and the Humber

Average house price: £129,326

Average deposits: £19,399, 15%

North West

Average house price: £132,948

Average deposits: £19,849, 15%

East Midlands

Average house price: £138,922

Average deposits: £21,237, 15%

West Midlands

Average house price: £147,554

Average deposits: £22,753, 15%

East Anglia

Average house price: £178,305

Average deposits: £33,599, 19%

Wales

Average house price: £124,817

Average deposits: £18,606, 15%

South West

Average house price: £183,408

Average deposits: £35,538, 19%

South East

Average house price: £242,111

Average deposits: £44,024, 18%

London

Average house price: £367,990

Average deposits: £91,409, 25%

Northern Ireland

Average house price: £108,542

Average deposits: £16,578, 15%

Scotland

Average house price: £133,178

Average deposits: £21,424, 16%

 

Now read: