London homes require highest average deposit.

December 3, 2015

It is really no surprise to learn that the average London Property requires the largest deposit from buyers as a down payment to go with their mortgage in the UK.

According to new figures released by Mortgage Broker Today, deposits in London rose 5% in October compared with September.

Buyers now need on average £179,248 for their deposit, with the South East needing the second biggest deposits at an average of £110,782, according to the Mortgage Advice Bureau (MAB)

The MAB stated that there had been the highest number of mortgage applications in October since the data started in 2009.

Brian Murphy, head of lending at the MAB reportedly said: “George Osborne’s Autumn Statement hammered home the government’s support for homeownership, with several policies aiming to improve both the supply and affordability of homes,”

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Home and Living

7 Space-Saving Porch Swing with Stand Solutions for Small Yards

Porch swings signify feelings of relaxation and classic properties as they turn an outdoor space into a warm and comfortable haven. Nevertheless, for people living in small yards or with no outdoor area, getting a swing with its own stand is very difficult. The benefit is that these choices come in many different options, which…
Read More →
Letting Agent Talk

Investing in Properties to Let as Airbnbs on the Isle of Wight

The Isle of Wight, a gem located off the southern coast of England, has become a prime destination for holidaymakers seeking a tranquil escape. This growing popularity has opened up lucrative opportunities for property investors, particularly those interested in letting properties as Airbnbs. Here, we delve into the benefits, considerations, and strategies for investing in…
Read More →
Breaking News

Breaking Property News – 16/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   PriceHubble powers Mitsubishi Estate’s newly launched real-time generative AI property consultant Zurich/Tokyo, May 16, 2024 – PriceHubble, Europe’s leader in property data solutions for finance and real estate, is powering an innovative generative AI solution launched in beta version on the Japanese market by Mitsubishi…
Read More →
Breaking News

Breaking Property News – 15/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Savills Investment Management wins City of Munich as a new tenant in the Atrium office building Press Release – Frankfurt, 15th May 2024. Savills Investment Management (Savills IM), the international real estate investment manager, has signed a lease agreement with the City of Munich…
Read More →
Estate Agent Talk

7 Ways to Scale Your Property Portfolio Up or Down

Imagine standing atop a hill, surveying a sprawling cityscape where each building represents a piece of your property portfolio. As you consider expanding or consolidating your assets, you’ll find that strategies like leveraging equity and exploring new markets can be your compass and map. Utilizing the BRRRR method or engaging in 1031 exchanges might adjust…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 15/05/24

Headlines The average 5-year fixed mortgage rate is now 5.02%, up from 4.59% a year ago The average 2-year fixed mortgage rate is now 5.42%, up from 4.92% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.95%, up from 4.56% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.53%, up from 4.27% a year ago The average monthly mortgage payment on…
Read More →