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London homes 5 times more expensive

Research from Castle Trust has revealed that home buyers in London must save up to 5 times more than those in other areas of the UK for the average deposit on a house.

The extent of inflated prices in London becomes apparent when considering that those buying homes in the second most expensive area of the UK, Reading, which is only 40 miles from the capital, pay half of what those in London do for a housing deposit.

House buyers in London must pay an average of £72,760 to secure a 20% deposit on a property, while those buying in the cheapest part of the UK, Blackburn, need £14,470 saved.

This has raised concern that the number of people able to afford a first home without family help is likely to fall. Castle Trust CEO, Sean Oldfield commented: “Aspiring home owners need an alternative to borrowing from family, which is why the government has launched a range of initiatives which include NewBuy and FirstBuy”.

Research from Barclays has revealed that first time buyers save on average for 8 years before they are able to afford a deposit for a house. This is in stark contrast to 1995, when first time buyers only needed to save for an average of one year in order to get on the property ladder.

If you are looking to buy a property and have any questions, just get in touch with one of our advisors via the question box above. We also have a range of useful mortgage guides to help you make the right decision when it comes to getting on the property ladder.

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