Average deposit rises to nearly £60,000 for homes in England and Wales

Reporter:

Staff Reporter

Home buyers across England and Wales now face putting down deposits of nearly £60,000 typically, according to analysis.

The average deposit has increased by around £6,850 over the last year, research by mover conveyancing service My Home Move found.

The research, which compared deposit sizes for the first three months of 2016 with the same period in 2017, found home buyers in 2017 were securing their homes with an average deposit of £59,633, up from £52,783 a year earlier.

The findings were made by analysing data from 12,000 buyers using My Home Move and researching average property prices.

Doug Crawford, chief executive of My Home Move, said rising house prices were generally behind the jump in deposit sizes.

He said: "For many, this amount will have been funded from the equity increase in the home they are selling.

"However, for first-time buyers and those whose homes haven't increased in value as quickly as the one they want to purchase, the need for additional funding suddenly becomes very real."

Here are the typical deposits put down in the first three months of 2017 across England and Wales, according to My Home Move's analysis:

  • North East, £22,737
  • North West, £35,078
  • Yorkshire and Humberside, £36,742
  • East Midlands, £38,240
  • West Midlands, £43,301
  • Wales, £53,581
  • South West, £70,151
  • East of England, £72,781
  • South East, £87,641
  • London, £123,347

See full story in the County Times

Leave your comment

Share your opinions on

Characters left: 1500

Most Read