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Home buyers require largest deposits since 1980

News that first time buyers are now required to put down the largest deposits since 1980 have driven a further nail into the coffin of the UK housing market. As we have mentioned on numerous occasions the headlines suggesting mortgage rate reductions may make good reading but the proof is in the pudding. So what is happening?

The latest figures show that in July the average first time buyer was being asked to put down 15% of the value of their intended purchase as a deposit. Even this was up by two percentage points from the month before and indicates a figure of some £19,410 on the average UK house price of £129,400. That is not to say that the headline grabbing mortgages rates are not available, just that you would need to put down up to 40% of the purchase price to obtain these 'special rates'.

First time buyers are the life blood of the UK housing market and if this stream of custom was to disappear for a lengthy period of time this would have a large knock on affect to the rest of the market. News that just 17,300 first time buyers entered the housing market in July this year does not bode well for the immediate future.

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