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First-time Buyer

Greater London the most expensive region for first-time buyer deposits but where’s the cheapest?

Nick Cheek
Written By:
Nick Cheek

First-time buyers in Greater London where house prices are the most expensive face having to pay the highest deposits in the UK, according to a survey from a financial information service.

New research from Confused.com revealed that those who are looking to buy their first house in Greater London would need to put down a deposit of £125,378 in 2022. This was a year-on-year increase of just under £10,000.

The South East is the next most expensive region for first timers, where last year you would need to have saved up £68,749 to own your first property, an annual rise of just under £8,000.

Those who are looking further east towards East Anglia would have to pay the third highest deposit rate in the UK, which climbed up to £60,169 up from £55,250 two years ago.

The North East is the best deal for first-time buyers, as you would need to build up  £30,198 in savings to buy a home for the first time, while Northern Ireland is the next most inexpensive place to put down a deposit at £33,199.

London has most expensive local authorities

Unsurprisingly, areas across London top the list of the most expensive local authorities for firs- time buyers to get on the property ladder.

If you wish to buy your first home in Kensington and Chelsea, the average price is an eye-watering average of £1,238,552.

While in the City of Westminster, you would need to spend an average of £909,665 for a first-time buyer property price.

The City of London is the third highest for average price for those looking to buy their first dwelling at £870,881.

The boroughs of Camden, Islington, Hammersmith, Hackney, Inner London and Wandsworth complete the “top ten” most expensive local areas for first-time buyers.

Over a fifth of over-75s still living in first house

Confused.com also found that 21.7% of those who are over the age of 75 remain living in their first house.

The highest prevalence of those living in their first home was predictably those between the ages of 16 and 24 at 91.6%, as many have yet to flee the nest.

While the rising costs of buying a house for the first time was perhaps best reflected in the 25-34 age group where 83.3% were living in their first homes, which are likely to belong to their parents.

The firm also noted that couples with children are the most likely to be living in their first home at 40.1%, followed by one-person households at 38.1%.

Across the UK, buying a house is a huge common goal, as a survey conducted by the HomeOwners Alliance revealed that 86% of Brits want to own their own home.