First-time buyer deposits up more than 50%

The average deposit for first-time buyers has jumped by more than 50% over the last 10 years – even after adjusting for inflation. Those trying to get on the property ladder must now have a deposit of more than £45,500, compared to around £23,000 to £29,000 a decade ago, data from platform Stipendium shows. “While this increase will have been felt by homebuyers at all levels of the market, it's been particularly hard on first-time buyers who won't have the financial backing of a previous property in order to cover their mortgage deposit costs,” Stipendium CEO Christina Melling said.

City AM