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    If your New Year’s resolution for 2016 is to save a deposit then this news story might just make you want to give up.

    According to Halifax, first-time buyers in the UK need to stump up an average of £30,000 to pay their deposits.

    This is why the estimated number of first-time buyers dropped 0.5% to 310,000 in 2015.

    In London, first-time buyers need to save an average of £90,000 towards their deposit , that’s around three times more than the average deposit for a UK home.

    Halifax said a lack of supply of homes has led to a decline in the number of first-time buyers.

    Craig McKinlay, mortgages director at Halifax, said: “Although the average price of the typical first-time buyer home has grown by 10% in the past year, the number of buyers taking that first step onto the housing ladder has been supported by favourable economic conditions; namely, record low mortgage rates, rising employment and real pay growth.”

    Here’s how much money first-time buyers need to buy a home in Britain:

    North

    Average house price: £118,254

    Average deposits: £17,738, 15%

    Yorkshire and the Humber

    Average house price: £129,326

    Average deposits: £19,399, 15%

    North West

    Average house price: £132,948

    Average deposits: £19,849, 15%

    East Midlands

    Average house price: £138,922

    Average deposits: £21,237, 15%

    West Midlands

    Average house price: £147,554

    Average deposits: £22,753, 15%

    East Anglia

    Average house price: £178,305

    Average deposits: £33,599, 19%

    Wales

    Average house price: £124,817

    Average deposits: £18,606, 15%

    South West

    Average house price: £183,408

    Average deposits: £35,538, 19%

    South East

    Average house price: £242,111

    Average deposits: £44,024, 18%

     

    London

    Average house price: £367,990

    Average deposits: £91,409, 25%

    Northern Ireland

    Average house price: £108,542

    Average deposits: £16,578, 15%

    Scotland

    Average house price: £133,178

    Average deposits: £21,424, 16%

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      Iconic Property Group specialises in the sale, letting and management of residential and commercial property in London. We offer outstanding customer service combined with customer care to provide complete and personal property solutions using the very latest innovative technology.

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