The average first-time buyer will need a deposit of almost £31,000 to secure their first home.
In its credit barometer of the property market, credit rating firm Experian has revealed a rise of 12 percent in deposit size in the last year.
In 2018, Experian said the average first-time property buyer needed a deposit of £27,768. In 2019, he or she must find £30,989.
Its research showed that three-quarters of 1st-time buyers want a fixed-rate mortgage deal, but only one in four of those searching for a mortgage have an Experian credit score ranked as excellent. A third (30 percent) have poor or very poor credit scores that will affect their ability to secure a loan.
Amir Goshtai, managing director of Experian Marketplace and Affinity, said: “When people can buy, most are looking at the security of a fixed-rate deal, giving them the assurance of the same monthly payments over the length of the mortgage.
“However, searches for fixed-term mortgages did reduce slightly, which may have been the result of consumers anticipating a resolution to Brexit discussions and greater certainty in the economy.”
First-time buyer scan find out more in our First-Time Buyer hub about the Help to Buy options that will boost their deposit and increase their chance of buying a home for the first time.
Once you’ve secured all your finance, you need the best legal help onside to lead you through the conveyancing process.
Homeward Legal works with an expert panel of property law firms across England and Wales to offer the most competitive conveyancing services. Talk to our team now on 0800 038 6699 now or get an instant conveyancing quote online.
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