Average down payments for homebuyers in the U.K. have more than doubled in the last decade according to a recent article by The Sun. According to the article the average down payment for a has risen to roughly £33,000, and for Londoners that cost has risen to over £106,000. Despite the rising costs, the over all number of new home buyers has risen seven percent to 335,750 in 2016. This is the highest increase in new home ownership since the financial crisis of 2017.

Key Takeaways:

• per Halifax, the average deposit for a home in London just reached over £100,000.
• Approximately a third, or £33,000, was the stipulated amount needed to for a deposit on a non-London-based property.
• Despite the gulp-worthy deposit numbers, the number of first-time buyers is actually exceeding expectations, as it is at its highest rate since the financial crisis of 2007.

“Nationwide’s chief economist warned that monthly growth rates can be volatile, even after accounting seasonal effects”

Read more: https://www.thesun.co.uk/money/3984146/you-now-need-an-average-deposit-of-33000-to-buy-a-home-and-londoners-need-more-than-100000/