The average size of a deposit on properties in England and Wales has increased by ten percent, according to conveyancing firm MyHomeMove.
Its has compared deposit sizes for the first six months of 2015 with those during the same period this year and says home buyers paid an average deposit of £55,000, up from £50,000 last year, although the research also shows deposits as a percentage of house prices has decreased.
“The drop in deposit percentages indicates that Government measures to ensure easier lending across the mortgage market have had a positive impact, especially for those outside the capital,” says Doug Crawford, CEO MyHomeMove.
“However, while this sounds like great news for buyers, the reality is different. The price rise means that in real terms this decrease translates into an increase in most regions.
“For many, the deposit comes from the equity in the property they are selling. However, there are still a large proportion of home buyers who will need to save thousands of pounds more to make the move onto, and up, the property ladder.”