FTB deposits stand at 17%

Posted: 20 May 2011 12:05:11 GMT

Deposits that are 17 per cent of the overall property price are being paid by FTBs.

Average first-time buyer (FTB) deposits during the last 12 years have been 17 per cent of the overall property price, new research has shown.

Carried out by Santander Mortgages, the study revealed these take an average of 29 months to save for.

According to the investigation, 17 per cent of FTBs have paid between six and ten per cent of the deposit on their first home, while 12 per cent have stumped up between 11 and 20 per cent.

A further one-in-ten have settled almost half of the amount, with 15 per cent purchasing the property outright.

Phil Cliff, director at the company, said: "Despite the availability of 5 per cent deposit mortgages throughout most of the noughties, first time buyers opted to put down an average of 17 per cent deposit."

Recent information collated by Moneyfacts revealed that mortgage rates for FTBs, which require a ten per cent deposit, fell below the six per cent mark for the first time since March 2008.
 

© Houseladder Ltd