Mortgage guarantee scheme – Rightmove’s latest average 5% deposit and price growth
March 1, 2021
A mortgage guarantee scheme is set to be announced at the budget for all buyers up to £600,000, we’ve put together the latest figures on asking prices and how many properties could be eligible under the scheme.
- 86% of properties up for sale have an asking price of £600,000 or less
- Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices have increased by 29% from £246,748 in October 2013 to £318,580 in February 2021
- Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices for first-time buyer properties have increased by 36% from £147,464 in October 2013 to £200,692 in February 2021
- The national average asking price for all properties is currently £318,580, which is 3.0% higher than February 2020
- The national average asking price of a first-time buyer property is £200,692, which is 3.6% higher than February 2020
The average asking price and average 5% deposit and 10% deposit by region for all properties is as follows:
| Region | Average Asking Price Feb-21 | Average Asking Price
Feb-20 |
Annual change | 5% deposit | 10% deposit |
| East Midlands | £236,453 | £229,099 | 3.2% | £11,823 | £23,645 |
| East of England | £363,974 | £353,078 | 3.1% | £18,199 | £36,397 |
| London | £621,886 | £629,053 | -1.1% | £31,094 | £62,189 |
| North East | £159,430 | £151,206 | 5.4% | £7,972 | £15,943 |
| North West | £215,561 | £200,985 | 7.3% | £10,778 | £21,556 |
| South East | £414,445 | £404,114 | 2.6% | £20,722 | £41,444 |
| South West | £318,449 | £308,106 | 3.4% | £15,922 | £31,845 |
| West Midlands | £240,789 | £231,893 | 3.8% | £12,039 | £24,079 |
| Yorkshire and The Humber | £202,809 | £197,344 | 2.8% | £10,140 | £20,281 |
| National | £318,580 | £317,058 | 3.0% | £15,929 | £31,858 |
Note, the London average asking price is above the proposed £600,000 threshold.
You May Also Enjoy
Buying a Home? What you need to know about asbestos
Asbestos is a well-known issue in UK housing – but while it’s rightly treated with caution, it doesn’t need to cause alarm. With the right advice and professional guidance, it’s a manageable problem that shouldn’t stand in the way of purchasing a dream home. Used widely in construction until 1999, asbestos is often found in…
Read More 
Hodge Bank introduces 80% LTV on Interest Only Mortgages, helping borrowers maximise their affordability
Specialist lender Hodge has today announced it will accept 80% Loan to Value (LTV) on Interest Only Mortgages to help borrowers expand their affordability. The criteria enhancement is the latest in a raft of changes introduced by the lender in a bid to make its underwriting as flexible as possible. This change applies to Hodge’s…
Read More 
The end of the ‘Forever Home’? 63 per cent of young homeowners prioritise flexibility and renovation potential over permanence
63 per cent of younger homeowners (18-34 year olds) find the ‘forever home’ concept less important than older generations Nearly half (45 per cent) of the same group of homeowners expect to move home within the next five years, embracing a flexible ‘Right Now Home’ model 23 per cent of 18-34 year olds view their…
Read More 
Ignoring these simple winter property maintenance tasks could cost you big time
The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that failing to complete some of the most common winter home maintenance tasks could cost homeowners thousands of pounds, as ignored issues turn into major repair jobs over the colder months. Springbok Properties analysed a series of essential winter…
Read More 
Half of first-time buyers delaying until after the Budget
The latest research from eXp UK has revealed that almost half of first-time buyers (47%) have paused their homebuying plans until after the Autumn Budget, as uncertainty around potential tax and housing policy changes continues to weigh on buyer confidence. However, it’s not short-term tax tweaks they’re waiting for. The survey of aspiring homeowners, commissioned…
Read More
Moneyfacts Average Mortgage Rate dips below 5%
The Moneyfacts Average Mortgage Rate has dropped below 5%. The latest analysis by Moneyfactscompare.co.uk reveals how the rate has changed over time. Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “Borrowers will no doubt be thrilled to see mortgage rates drop, particularly the millions due to come off a cheap fixed rate before the year is…
Read More