To obtain a mortgage, first-time homebuyers in the United Kingdom (UK) need to save a deposit amounting to about 19 percent of the property purchase price. The higher the property value and the loan amount, the higher the deposit. In 2023, the average first-time buyer deposit in the UK was about 53,414 British pounds, but in the most expensive region, Greater London, the deposit amount was more than double. The share of the deposit was also much higher than in other regions in the UK.
How has the house price for first-time buyers changed over time?
Housing bought by first-time buyers has become increasingly more expensive since 2000, making it harder for renters to get on the property ladder. By 2023, the average house price had tripled. The price also varied in different regions, with the North East being the least expensive and Greater London – the priciest.
Which are the most affordable areas for first-time buyers?
While housing in certain areas can be pricy, this does not necessarily make it unaffordable, as the standard of living may also be higher. In 2021, the most affordable towns for first-time buyers were found in the North West region (Burnley) and Scotland (East Ayshire, North Ayshire, Inverclyde, West Dunbartonshire).
Average house deposit for first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region
(in GBP)
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Lloyds Banking Group. (January 31, 2024). Average house deposit for first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region (in GBP) [Graph]. In Statista. Retrieved December 11, 2024, from https://www.statista.com/statistics/557891/first-time-buyer-average-deposit-by-region-uk/
Lloyds Banking Group. "Average house deposit for first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region (in GBP)." Chart. January 31, 2024. Statista. Accessed December 11, 2024. https://www.statista.com/statistics/557891/first-time-buyer-average-deposit-by-region-uk/
Lloyds Banking Group. (2024). Average house deposit for first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region (in GBP). Statista. Statista Inc.. Accessed: December 11, 2024. https://www.statista.com/statistics/557891/first-time-buyer-average-deposit-by-region-uk/
Lloyds Banking Group. "Average House Deposit for First-time Buyers in The United Kingdom (Uk) from 2022 to 2023, by Region (in Gbp)." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/557891/first-time-buyer-average-deposit-by-region-uk/
Lloyds Banking Group, Average house deposit for first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region (in GBP) Statista, https://www.statista.com/statistics/557891/first-time-buyer-average-deposit-by-region-uk/ (last visited December 11, 2024)
Average house deposit for first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region (in GBP) [Graph], Lloyds Banking Group, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/557891/first-time-buyer-average-deposit-by-region-uk/