First-time buyers paying over £100,000 in deposits in more areas

Michael Lloyd

February 9, 2018

First-time buyers are having to put down deposits of over £100,000 in an increasing number of areas, Which? found using deposit data from Halifax.

In 19 local authorities, some people buying their first home are putting down six-figure deposits, with the biggest being in London’s Camden at an average £174,974 – 28% of the property price.

At the other end, those purchasing in Barrow-in-Furness are paying out less than anywhere else with first-time buyer deposits in the Cumbrian borough average just £13,701, or 12% of the property price.

First-time buyers in the capital are paying more than anywhere else in the country – in fact London boroughs occupy the 12 top spots on Halifax’s list.

After Camden, Wandsworth (£155,811), Islington (£148,558) and Lambeth (£139,915) demand the highest deposits. The number of areas with an average deposit size above £100,000 has increased from 17 in May 2017 to 19 now.

Only four areas outside London – Winchester (£109,060), Cambridge (£107,084), Guildford (£104,392) and Elmbridge (£102,994) – saw average deposits of over £100,000.

First-timers buying in the north of England, Scotland and Wales generally pay substantially less than those living in London and the south east.

The cheapest local authority for first-time buyers in England is Barrow-in-Furness (£13,701); in Scotland it’s West Dunbartonshire (£14,010) and in Wales it’s Merthyr Tydfil at £14,446.

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