First-time buyers pay an average 17 per cent deposit on their home and take 29 months to save for it.
The figures are based on research by Santander Mortgages, which shows the average deposit paid by first-time buyers over the last 12 years. Deposits were highest in the South-West (20.7 per cent) compared to London’s 18 per cent and the North-East’s 8.9 per cent.
Almost one in five first-time buyers put down a deposit of between six and ten per cent and one in eight put down between 11 and 20 per cent.
However, ten per cent paid almost half of the full property price as a deposit and a further 15 per cent bought their home outright.
Some 43 per cent of first-time buyers used savings to take their first step on to the property ladder while eight per cent relied on an inheritance and six per cent got help from their parents. Meanwhile five per cent sought extra work and four per cent took out a loan.
First-timers in London were the most independent, with 57 per cent using their savings to fund a deposit, while those in Wales and Northern Ireland (11 per cent) were most willing to seek additional overtime.
Santander launched a new two-year fixed rate at 5.29 per cent today offering 90 per cent loan to value with a £495 upfront fee.
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