The average deposit needed to buy a property has risen 3.5% in the past year to £71,301, new figures show. According to the Mortgage Advice Bureau, average deposits rose in nine out of 11 regions in October. The largest monthly increase in average deposits was in East Anglia, where typical deposits rose 11.6% month-on-month from […]
The average deposit needed to buy a property has risen 3.5% in the past year to £71,301, new figures show.
According to the Mortgage Advice Bureau, average deposits rose in nine out of 11 regions in October.
The largest monthly increase in average deposits was in East Anglia, where typical deposits rose 11.6% month-on-month from £46,504 to £51,877.
Average deposits remain highest in London, where they have risen 5.2% from £170,328 in September to £179,248.
The index also revealed that the total number of mortgage products available on the market reached a new high in October, up from 16,465 in September to 16,620.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “George Osborne’s Autumn Statement hammered home the government’s support for homeownership, with several policies aiming to improve both the supply and affordability of homes.
“This is sorely needed in the capital, where house prices remain much higher than in the rest of the country and saving up for a deposit can seem an impossible task. However, with average deposits rising across the UK, support is needed nationwide.”
