Discover the varying amounts being saved by first-time buyers across different regions in the UK to secure a home, ranging from £26,400 to £144,500. Explore the regional variations in savings required to purchase a property in the UK.
The average deposit paid by a UK first-time buyer for a 3-bed home in 2023 is £34,500 for a £240,000 home.
That amounts to a 15% deposit for the property.
However, the amount you need to save varies according to where you live in the UK and of course, the level of deposit you wish to pay.
100% mortgages are now available, meaning you don’t have to pay any deposit at all to buy a house.
The 95% mortgage scheme is also running until the end or 2023, meaning you only need to save a 5% deposit for the home you want to buy.
According to UK Finance, most first-time buyers try to put down a larger deposit for their first home – amounting to 24% of the total property price.
That’s because a bigger deposit opens up better mortgage rates from lenders.
To put a 24% deposit on a £240,000 property, you would need to save £57,600.
Let’s take a look at how much first-time buyers are paying to step onto the property ladder across the UK.
We’ve used our data to calculate the average property prices for first-time buyers in each region, based on sold house prices.
UK Finance have provided the information on the average deposit paid by first-time buyers within each region.
And we’ve also shown how much a 15% deposit would be for each regional property value.
From the most expensive areas to the cheapest, these are the average deposits paid by first-time buyers in 2023.
Average first-time buyer deposits paid across the UK
| Region | Average first-time buyer property price | Average deposit | 15% deposit |
|---|---|---|---|
| UK | £240,000 | £34,500 | £34,500 |
| London | £425,000 | £144,500 | £63,750 |
| South East | £300,000 | £72,000 | £45,000 |
| East England | £300,000 | £72,000 | £45,000 |
| South West | £220,000 | £52,800 | £33,000 |
| East Midlands | £190,000 | £45,600 | £28,500 |
| West Midlands | £190,000 | £45,600 | £28,500 |
| North West | £150,000 | £36,000 | £22,500 |
| Wales | £150,000 | £36,000 | £22,500 |
| Yorkshire & The Humber | £140,000 | £33,600 | £21,000 |
| Scotland | £135,000 | £32,400 | £20,250 |
| Northern Ireland | £130,000 | £31,200 | £19,500 |
| North East | £110,000 | £26,400 | £16,500 |
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