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UK first-time buyers need about £17,000 for a 5% deposit
The BBC Business piece says the calculation is based on a 5% deposit on an average UK house price of £272,000, leaving first-time buyers about £16,850 before moving costs and legal fees.
BBC Business reports that a new “Your First Home” scheme announced for England is aimed at helping first-time buyers get on the housing ladder with a small deposit.
The outlet estimates that a 5% deposit on the current average UK house price of £272,000, plus moving costs and legal fees, comes to about £16,850, citing Moneyfacts.
BBC Business also outlines four saving approaches, including putting an affordable amount into a regular savings account right after payday so the deposit saving effectively becomes a recurring “bill”.
It adds that higher interest options may require holding a current account with the provider, and that savers should consider whether they can lock money away for longer to earn more interest.