A new analysis has revealed the stark regional differences in the amount of deposit required for first-time buyers to get on the property ladder. While those in the North East typically need to save around £13,100 for a 10% deposit, Londoners face a much steeper challenge, needing to raise a substantial £44,800.
The research, conducted by Nationwide Building Society, highlights the significant barriers faced by prospective homeowners in certain parts of the country. In Scotland and Yorkshire and the Humber, the typical 10% deposit stands at £13,900 and £15,400 respectively. However, the situation is markedly more difficult in the capital, where it would take a first-time buyer around nine years to accumulate the necessary deposit, compared to just four years in the North.
Andrew