What Mortgage
No Result
View All Result
what MORTGAGE Awards
  • Login
  • Register
Add Listing
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer
No Result
View All Result
What Mortgage
No Result
View All Result
Home News

Average deposit for a property exceeds £80,000 for the first time

by Stephen Little
February 3, 2016
Average deposit for a property exceeds £80,000 for the first time
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

deposit2The average deposit for a home has passed £80,000 for the first time, new industry figures have revealed.

According to the National Mortgage Index from the Mortgage Advice Bureau, the average deposit for a property rose by 15.0% annually to reach £81,721 in December.

This is the greatest year-on-year increase in average deposits since the index began in 2009 and reflects increasing property prices, the MAB said.

The MAB said that December was the third consecutive month of worsening affordability as salaries fell while purchase prices increase.

The average salary of homebuyers fell 2.9% from £39,983 in December 2014 to £38,820 last month, compared to a rise in the average purchase price for a property in December of 9.3% to £252,990 over the same period.

Related Articles

  • Confused over life insurance jargon – what do the terms mean?
    April 24, 2025
  • Leasehold reforms: How will they impact your home purchase?
    April 16, 2025
  • What factors qualify someone as a first-time buyer?
    April 15, 2025
  • Divorce: Can I release equity to buy out my wife?  
    April 14, 2025

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Demand in the housing market is yet to come off the boil, despite the current dearth in property supply. As a result house prices are likely to continue rising this year, bringing about affordability concerns which will particularly affect first-time buyers. A significant boost to the construction of new homes is needed to prevent some buyers being priced out of the property market.

“The fall in average salaries over the past year suggests those with slightly lower incomes are still able to access the housing market, despite the significant rise in house prices. This has been helped by rock bottom mortgage rates, which have fallen steadily over the past year. However, these low rates won’t last forever, and if prices continue to rise faster than wages those with lower incomes may find it more of a challenge to become homeowners.

“Government initiatives such as more affordable housing and the Help to Buy schemes go some way in helping those who are finding it difficult to fund a house purchase. However, income and house price growth needs to be more aligned to make homeownership a more realistic dream.”

Tags: depositsfirst-time buyershouse priceshousing crisismortgageMortgage Advice Bureauwage growth
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Our recommeded tools

Mortgage Calculators

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Best Buys

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Match

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Search

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related Articles

  • Confused over life insurance jargon – what do the terms mean?
    April 24, 2025
  • Leasehold reforms: How will they impact your home purchase?
    April 16, 2025
  • What factors qualify someone as a first-time buyer?
    April 15, 2025
  • Divorce: Can I release equity to buy out my wife?  
    April 14, 2025

Newsletter

Register for our free weekly newsletter for all the latest mortgage news, tips, and features.

Sign Up

Polls

Will the increase in stamp duty on 1 April 2025 make you less likely to buy a property?

View Results

Loading ... Loading ...
  • Polls Archive
  • Advertise
  • Media Information 2018
  • Contact Us
  • About us
  • Terms & Conditions
  • Essential Links
  • Privacy

what Mortgage, Metropolis International Group Ltd © 2025
Registered in England no. 02916515

[MBM_Form id="284841"]

Buying a property, moving home or re-mortgaging? Sign up to our newsletter and marketing emails, and we'll send all the latest mortgage news, top tips, expert advice and what MORTGAGE Awards updates straight to your inbox.

I am a...*
First Name*
Email*
First Name*
Last Name*
Email*
Company
Job Title
I would like to receive...
[MBM_Form id="284841"]

Buying a property, moving home or re-mortgaging? Sign up to our newsletter and marketing emails, and we'll send all the latest mortgage news, top tips, expert advice and what MORTGAGE Awards updates straight to your inbox.

I am a...*
First Name*
Email*
First Name*
Last Name*
Email*
Company
Job Title
I would like to receive...
No Result
View All Result
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer

what Mortgage, Metropolis International Group Ltd © 2025
Registered in England no. 02916515