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%
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