Alarming news for would be first time buyers as research has shown they will now need a deposit worth £33,000 on average according to the findings of the Halifax.
This shows a rise on the average first time buyer deposit of 88% from £17,499 in 2007 to £32,927 in 2016 and as property prices continue to rise is not good news for those keen to get on the property ladder.
Average price paid by first time buyers increased by 10% in the last year from £172,560 to £190,000. The highest increase was in Greater London at £367,990 with East Anglia shows the average first time buyer paying £178,305 and the East Midlands at around £138,000
The research also found that many people are looking to increase the mortgage period from 25 years to 35 years
The only bonus is lower mortgage interest rates and the help to buy scheme with 5% deposit that does require a good credit rating that some may not be able to provide.
You can register with us free today to keep up to date with the new easier ways to get on the property ladder by going to the contact page.
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.