First time buyers now need to put down an average of £33 000 deposit (~16% of the purchase price), a report has found, which also reported that during the first half of 2017, 47% of all house purchases with a mortgage were made by first-time buyers. The average price paid for a first home is also at a record high of £207 693.
In London, first-time buyers need to put together a deposit of £106 577 typically, or 26%of the average price of a home.
First-time buyers in Northern Ireland put down the lowest deposits in cash terms on average, at £16 457. In Scotland, first-time buyers need a deposit of £21 565 on average, while in Wales the typical first-time buyer deposit is £17 193.