It may come as a surprise, but there are some good reasons for home-buyers to be cheerful. House prices are more affordable,* mortgages are more available and it is possible to lock into some very competitive rates.
Yet first-time buyers still have to take a giant step to get on the first rung of the property ladder, waiting until their 30s to buy their first home and often purchasing jointly to afford a mortgage.
While lenders are no longer insisting on 25 per cent deposits, first-time buyers still need to find at least £17,300 to buy the average starter home** with a 10 per cent deposit – and £34,600 if they want to save the average deposit of 20 per cent and qualify for a competitive mortgage deal.
But before buyers work out the size of the deposit they require, they need to know what they have available to spend.
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