Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Thu
Jul 24th
Lost Password? Register
Home arrow News arrow Europe arrow Home buyers need an average deposit of £26,500 in England and Wales, research shows

Home buyers need an average deposit of £26,500 in England and Wales, research shows

Tuesday, 15 January 2013
Image
Home buyers in England and Wales need to find an average deposit of nearly £26,500 to buy a home but it could be five times as much in some areas, new research shows.

Analysis of the top 30 cities and regions in England and Wales shows the average deposit needed to put down 20% of the purchase price is £26,468 but it can be as high as £72,760 or as low as £14,470.

Home buyers in London need an average of £72,760 in savings or equity to secure a 20% deposit and the average deposit there is almost double the second most expensive area to buy, with deposits in Reading at £39,789, the analysis from housing investment and shared equity mortgage provider Castle Trust shows.

In Blackburn, the deposit is a fifth of the London average at £14,470 and more than £1,200 lower than Blackpool, the next most affordable at £15,707.

Castle Trust, which aims to provide a safer way to buy a home and a safer way to invest in property, is advising home buyers, and parents or family who may be helping children on to the housing ladder, to consider all their options when raising deposits.

‘Parents and grandparents are being called on more and more to help children with their first deposit and the proportion of the population owning their own home without family help is likely to continue to fall. Aspiring homeowners need alternatives to borrowing from family which is why the Government has launched a range of initiatives including NewBuy and FirstBuy,’ said Sean Oldfield, chief executive officer, Castle Trust.

‘However, private companies need to play a role as well in offering innovative and affordable ways to help those who want to buy homes and Castle Trust is determined to play its part with housing investment and shared equity products,’ he added.

This story relates to: Property  buyers  deposits  first time buyer  property market  uk  [SEE ALL]


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here



Europe: Top Headline

UK affordable homes programme to use advanced construction techniquesUK affordable homes programme to use advanced construction techniquesThe UK government’s affordable homes programme will change the way properties are built in the country with many being constructed using advanced housing techniques, it has been announced.



West Tower

West Tower

Car park

home rental guide

Limousin Guide

Barratt Homes

Limousin Guide

West Tower

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

First women president for RICS

Louise Brooke-Smith has become the first female president of the Royal Institution of Chartered Surveyors (RICS) in its 146 year history.

Finance Update

Halifax and Lloyds mortgage range changes

Home owners are now able to purchase new build properties through both Halifax and Lloyds Bank Help to Buy Mortgage Guarantee scheme products.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Europe property and real estate news feed (RSS)