First-Time Buyers Face Large Deposit Requirements

 

A leading mortgage lender has noted how the average deposit required by first-time buyers has increased dramitically sense the levels seen just a decade ago.

According to mortgage lender Halifax, first-time buyers are now having to raise average deposits of nearly £29,000 in order to get a foot on the property ladder,

This figure is nearly three times the typical deposit of £9,865 saved by people purchasing their first home in 2000.

The situation is even more challenging for first-time buyers in London, who had to save deposits of over £56,000, while those in the South-East had to save more than £37,000, and people in the South-West needing to raise nearly £33,000.

The large deposits first-time buyers now have to find are due to a combination of house price rises throughout the past decade, plus banks and building societies tightening their lending criteria as a result of the the downturn in the economy.

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