30 Oct

Buyers need larger deposits

Buyers need larger deposits

The average deposit needed to purchase a home in England and Wales has increased over the past 12 months.

Data from conveyancing firm My Home Move revealed average buyers need an additional £5,000 compared to last year.

Deposit percentages have decreased by one per cent across all regions, with the average buyer securing a property with £55,000.

“The decrease in deposit percentages indicates that the measures introduced by the government to ensure easier lending across the mortgage market, have had a positive impact, especially for those outside of the capital,’ said Doug Crawford, the firm’s chief executive officer.

“However, while this may sound like great news for home buyers, the reality is somewhat different. The rise in property prices means that in real terms this decrease actually translates into increase in the majority of regions,” he explained.ADNFCR-1222-ID-801827562-ADNFCR

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