The average first-time buyer deposit in the UK can vary depending on several factors, including regional differences, market conditions, and individual circumstances. However, the average first-time buyer deposit as of March 2023 was 15% of the property’s value.
To put it in perspective, if we consider a £250,000 house, the average first-time buyer deposit would be £37,500, assuming a deposit of 15%.
It’s important to note that these figures are averages, and individual circumstances do vary. Some first-time buyers may be able to secure a mortgage with a lower deposit percentage or participate in government-backed schemes that offer assistance for purchasing a home with a smaller deposit.
However, it’s advisable to do thorough independent research, and consult with mortgage lenders, financial advisors, or real estate professionals to get a more accurate understanding of the current market conditions, lending criteria, and available schemes that may be suitable for first-time buyers.