Average deposit rises to £71,301

According to the Mortgage Advice Bureau report, nine of eleven regions are experiencing rise in deposits needed to buy a home. The average rise is 0.9% and the number is now £71,301.

The largest rise is seen in East Anglia – the increase there is 11.6% from £46,504 to £51,877. The average numbers are still the highest in the capital – London deposits were £170,328 in September, and now they’re £179,248. The number of products available for a mortgage has also risen though, from 16,465 in September to 16,620 now.

Brian Murphy from the MAB said that the bigger the number of products for mortgage is, the better the range of choices for customers will become.

The rise of objects was noticed not long after the Knight Frank estate agency has found that due to the 0.3% price fall in October, the growth in the centre of London had experienced a slowdown to 0.9%.

It said that after a year of the new stamp duty system, which raised the tax for properties worth more than £1.1 million, a growing number of vendors had begun to set asking prices that reflected the more subdued level of demand and buyers’ heightened sensitivity to prices.