Homebuyer deposit finally seen to be going down
Following a few years on the property downturn, the Homebuyer deposits have gone down by 6 per cent in the last quarter of 2013, according to figures released from a new survey commissioned by the Mortgage Advice Bureau. The survey shows that the average home buyer applied for a mortgage with a deposit of £66,259 in December 2013. This is £4,106 less than in September of the same year.
What are the typical Homebuyer deposit figures?
These figures are further backed up by figures which shows that the typical buyer deposit fell by a whopping 12 per cent in the South East, by staggering 7 per cent in Greater London and by a respectable 4 per cent in the South West. However, deposits grew faster than purchase prices in East Anglia (up 17 per cent) Wales (13 per cent), and Yorkshire and Humberside (two per cent)
“Raising a deposit has long been the biggest challenge for first time buyers in the current climate,” said Brian Murphy, head of lending at Mortgage Advice Bureau. “Until recently when property values have improved, even homeowners were struggling with limited equity in their properties to support their next purchase. It’s encouraging to see a situation emerging where deposit requirements need not block aspiring buyers from taking advantage of growing choice and improving rates.”
Where are the most expensive places to buy a house in England and Wales outside London?
Lucian Cook who works for Savills has been examining the latest Land Registry data which appears to be showing that the average sale price of residential property was over £1m in 43 wards across England and Wales in the year to the end of September 2013. Surprisingly, only just over half of these transactions were located in Central London.
In what he describes as the ‘outer commuter zone’ he points to hot spots which tend o point to and around areas of South Oxfordshire,Winchester, East Hampshire, the rural areas north of Chichester and urban parts of Oxford and Cambridge.