The average deposit for buying a house in London is higher compared to other regions in the UK due to the higher property prices in the city. However, it’s important to note that average deposit figures can fluctuate over time and can be influenced by various factors, including market conditions and individual circumstances.
The average deposit for buying a house in London is around 20-25% of the property’s value. However, this can vary depending on the specific area within London and the price range of the property being purchased.
To provide an estimate, if we consider a £500,000 house in London, the average deposit would be approximately £100,000 to £125,000, assuming a deposit range of 20-25%.
Please keep in mind that these figures are only averages and can vary based on individual circumstances and the state of the property market at the time of purchase. It’s crucial to consult with mortgage lenders on their lending criteria for property values in the range you are looking at and for your annual income. They can provide more accurate guidance based on your specific situation and the property you are interested in purchasing.