First-time buyers in London need to stump up £59K

First-time buyers now need an average deposit of £59,000 to get on the housing ladder - £12,000 more than this time last year, according to the Halifax. The lender compared average first-time buyer deposit sizes in the 12 months to February 2020 with the 12 months to February 2021. In London, the average deposit size being put down by people taking their first step on the property ladder had increased by more than £20,000, with buyers now needing £132,685. “We know that first-time buyers will benefit from steps that make a deposit more attainable and we're committed to lending £10bn to help people buy their first home this year,” commented Andrew Asaam, mortgages director at Halifax. 

City AM (22/03/2021) Daily Mail (22/03/2021The Sun (22/03/2021) 

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