Home buyers deposits rise £5,000 to £55,000

On average, deposits have increased by £5,000 year on year across England and Wales, says conveyancing firm My Home Move.

People buying with a mortgage have had to put down higher deposits – even though deposits have fallen 1% as a percentage of the price.

On average, deposits have increased by £5,000 year on year across England and Wales, says conveyancing firm My Home Move.

The average deposit in the first half of this year was £55,000 – up from £50,000 in the first half of last year.

In Greater London, deposits have seemingly only minimally crept up – by just 1% – but the actual rise equates to around £18,000.

Doug Crawford, CEO of My Home Move, said: “The decrease in deposit percentages indicates that the measures introduced by the Government to ensure easier lending across the mortgage market, have had a positive impact, especially for those outside of the capital.

“However, while this may sound like great news for home buyers, the reality is somewhat different.

“The rise in property prices means that in real terms this decrease actually translates into an increase in the majority of regions.

“For those looking to buy in Wales the increase, on average, is only a few hundred pounds, but for those in London or the south-east this translates into thousands of pounds.

“For many, their deposit will come from the equity in the property they are selling. However, there are still a large proportion of home buyers who will need to save thousands of pounds more to make the move on to and up the property ladder.”


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Written by: Houseladder