Average first-time buyer deposit up by 17%

Experian’s Credit Barometer has revealed that the average amount a first-time buyer needs to raise for a deposit increased by 17% over the last year. The average deposit amount for a first-time buyer is £30,945. The average amount people said they had saved for their deposit in July 2018 stood at £26,498. This suggests that those looking for a mortgage are having to save an increasing amount to secure their first home. “Our barometer shows it continues to remain challenging for younger people to get their first foot onto the property ladder with deposits continuing to grow, which means finding the right mortgage deal to make the most of their deposit is crucial,” said Amir Goshtai, managing director of Experian Marketplace and Affinity.

Mortgage Introducer (02/08/2019)