How big a deposit do you need to buy a house?

Alex Johnson

86ee818babdc6c0f79d2eead259b5be3293d0cc9 300x225 How big a deposit do you need to buy a house?The average deposit for homebuyers looking to buy in England and Wales is almost £26,500, according to figures from mortgage provider Castle Trust, but the regional disparity is enormous.

The analysis of the top 30 cities and regions in England and Wales shows the average deposit needed to put down 20% of the purchase price is £26,468 but it can be as high as £72,760 (London, no surprises, followed by Reading at £39,789) or as low as £14,470 (Blackburn) or £15,707 (Blackpool).

Sean Oldfield, chief executive officer, Castle Trust said: “Parents and grandparents are being called on more and more to help children with their first deposit and the proportion of the population owning their own home without family help is likely to continue to fall. Aspiring homeowners need alternatives to borrowing from family which is why the Government has launched a range of initiatives including NewBuy and FirstBuy.

The cities requiring the lowest deposits for homebuyers are:

Blackburn (with Darwen) £14,470
Blackpool £15,707
Oldham £16,386
Hartlepool £16,934
Bolton £18,492
Manchester £18,547
Liverpool £18,767
Bradford £18,807
Wolverhampton £19,718
Darlington £20,767

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