First time buyers now face raising an average deposit of £32,000 with figure soaring to £110,000 in London

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First time buyers now face raising an average deposit of £32,000 with figure soaring to £110,000 in London



FIRST-time buyers now face raising an average deposit of £32,000 — hitting £110,000 in London, figures show.
Property ladder newbies accounted for more than half of mortgages last year for the first time since 1995.
Getty – Contributor The number of first time buyers is up despite money needed for deposits increasing
Numbers have nearly doubled since 2008, from 192,300 to 372,000 in 2018, according to the Halifax.
The average price rose 39 per cent in that time — from £153,030 to £212,473.
First-time buyers in Wales pay the lowest deposit, £16,449.
The UK average is £32,841, with those in London having to stump up £110,656.
That would almost get a first home outright in the North East (average £126,104) or Northern Ireland (£129,615).
However despite a UK-wide rise, numbers of first-time buyers fell slightly in Scotland and Wales.
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Halifax used data from UK Finance and the Office for National Statistics as well as its own database.
Halifax MD Russell Galley said: “New buyers are vital for the overall wellbeing of the housing market.”
Getty Images – Getty The number of first time buyers fell in Wales and Scotland this past year
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