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First time buyer deposits

According to new research the average deposit put down by first time buyers in the UK is £51,821 which could rise to £65,930 in five years and in 10 years reach £81,468.

 It also reveals that a quarter of first time buyers haven’t saved anything towards a deposit and by 2027 first time buyers could need 28% of a property’s value as a deposit.

By 2027 the average deposit for a first time buyer in London could go up to £244,842, up £104,855 from the current £139,987 it is today.

Buyers could be forgiven for giving up hope on owning their first home, due to the size of deposits required.

For first time buyers it is the biggest challenge and these forecasts will make frightening reading for them. No doubt Mum and Dad will continue to help those attempting to get on the property ladder and provide additional collateral to secure the mortgage needed.

There are schemes out there like Help to Buy and Lifetime ISA’s which can help to boost those deposits. The good news comes from the Budget announcement to scrap Stamp Duty for first time buyers on properties worth up to £300,000 and those in more expensive locations such as London will have further relief available up to £500,000.

mosshaselhurst solicitors are award winning property solicitors and very experienced in property purchases. We are members of the Law Society’s Conveyancing Quality Scheme and are happy to talk to you about any questions that you have about the changes to Stamp Duty for first time buyers. Call us today on 01606 74301.