Average Deposit for First Time Buyers in Yorkshire & Humber is £19,848
Those looking to get on the property ladder in our region buy a home worth £137,908 on average, according to the latest research.
Halifax’s latest report showed that 3% more people have bought in the first six months of 2017, compared to 2016. In total, 162,704 first-time buyers made their move - double the amount recorded in 2009.
The average price of a first property across the whole of the United Kingdom in £207,693, this is the highest it’s ever been and the first time it has been above £200,000.
What does this mean?
The year-on-year increase in buying shows the strength of the economy these days and how younger people are getting the opportunity to buy bricks and mortar. The Halifax’s housing economist, Martin Ellis, said of the figures:
High levels of employment, low mortgage rates and government schemes such as Help to Buy have helped these numbers remain robust, as first-time buyers continue to form a fundamental part of the UK housing market.
On the flip side, a shortage of homes for sale due to increased buyers has seen the average price rise by almost 50% across the last five years.
How much money do you need to buy a house?
Usually, a 10% deposit is needed to purchase a home, and with Help to Buy this drops to just 5%. As we can see from the figures above, the average deposit across Yorkshire and the Humber is £19,848 or 14.4% of the total average price of £137,908.
This is significantly lower than the £32,899 average deposit and £207,693 house price when we take the UK as a whole.
Is it time for you to buy?
In the last couple of weeks we’ve seen northern cities overtake London for year-on-year property growth, and with property market confidence from many it’s not really a surprise that first-time buyers are taking advantage.
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