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From Carlisle to Cornwall: how much deposit first-time buyers are paying

Find out the the huge sums paid for first home deposits in your local area

From Carlisle to Cornwall: how much deposit first-time buyers are paying

Buyers in some UK areas are putting down over £100,000 as a deposit on their first home, even as others pay less than £15,000 upfront. New data from Halifax has revealed the huge sums required by first-time buyers in some parts of the UK – and the gap in deposits between different areas.

According to the lender, the average first-time buyer in popular London area Camden paid out a whopping £155,110 for their home deposit. By contrast, buyers in Welsh town Merthyr Tydfil paid on average just £11,622, the lowest in Britain.

Use our interactive map to see how much first-time buyers are paying around the UK.

Find out more: How much deposit do you need for a mortgage?

Mapped: first-time buyer deposits in England

For buyers looking to get a foot on the property ladder in England, the size of their deposit varied hugely depending on where they bought.

Perhaps unsurprisingly, London proved to the area which required the biggest deposits, boasting 16 local areas with average deposits above £100,000.

After Camden, other notably expensive areas included Hammersmith & Fulham (£143,834), Islington (£139,882) and Wandsworth (£131,128).

The only local area outside the capital with an average deposit above £100,000 was Cambridge, where first-home buyers put down £126,730.

By contrast, some of the lowest deposits were paid in the North West, the only region of England where any local areas had deposits below £15,000. These included Pendle (£14,592), Copeland (£13,770), Burnley (£13,343) and Hyndburn (£12,971).

Deposits in Scotland, Wales and Northern Ireland

In the rest of the UK, deposits were more affordable than in much of England.

The most expensive local area for deposits in Scotland was Edinburgh, with a fairly high average of £43,142. Wales’ highest average deposit – in largely rural Powys – came in at £34,681, while North Ireland’s most expensive average deposit in Lisburn and Castlereagh was a modest £21,404.

At the other end of the spectrum, the cheapest place in Northern Ireland to put down a deposit was Mid and East Antrim at £15,851.

Scotland’s most affordable area was North Lanarkshire at £12,499, while Wales had the two cheapest regions in Britain –  Merthyr Tydfil with just £11,622 and Blaenau Gwent with £12,212.

Find out more: How to save for a mortgage deposit

How much cash do I need to buy a home?

Being able to afford the deposit on a home in your dream area is the first step towards home-ownership – but you’ll also need to cover other costs associated with buying.

One of the biggest is stamp duty, which you’ll have to pay on any property worth more than £125,000. Stamp duty rates go up with the value of your home – for a property worth £125,000 to £250,000, stamp duty is 2%, but this jumps to 5% for properties worth between £250,000 and £925,000.

In addition, you might have to pay mortgage fees, house survey costs and conveyancing fees in order to close on a property.

Find out more: The cost of buying a home

The more deposit you’re able to put down, the cheaper your mortgage deal is likely to be. If you’re buying in an expensive area, however, there are a number of 95% mortgages available, which require deposits as little as 5%.

Aside from having enough cash upfront, you’ll also need an income that can support mortgage payments.

Banks will usually look to see if you could meet payments even if interest rates increased by 3 percentage points on their standard variable rate. They also generally will only lend you around 4.5 times your annual income.

All these sums add up – and it’s critical to take into account the full cost of buying before you start shopping around for your new home.

Find out more: Bank of England crackdown: will new rules stop you getting a mortgage?

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