Typical deposits for the rest of the UK stood at £46,976 with London deposits averaging £127,141.
Homebuyer deposits in London were 170% higher than the rest of the UK last year, My Home Move research has found.
Typical deposits for the rest of the UK stood at £46,976 with London deposits averaging £127,141.
The 170% gap between London and the rest of the UK has risen from 122% in 2013 and 146% in 2014, since the average deposit has increased by nearly £30,000 for the capital’s homemovers in the last three years.
Doug Crawford, chief executive of My Home Move, said: “The London property market has always commanded greater prices than anywhere else in the UK; but our research has shown just how extreme the situation is becoming.
“London property prices have risen by 27% in the last three years and while the rest of the UK has seen a small decrease in the average deposit size, those looking for a London home are depositing 170% more than their UK counterparts.
“This situation is unsustainable and has been driven by rising house prices. For some, their deposit will come from the equity in the property they are selling. However, for many, they will still need to save tens of thousands of pounds to make the move onto and up the property ladder.”
He added: “Ultimately, it still begs the question – who is going to help those looking to enter the capital’s housing market and those on the lower rungs of the ladder, first-time buyers and second-steppers?
“Earlier this year we predicted that 100,000 properties would be purchased in 2016 using gifted deposits courtesy of the Bank of Mum and Dad; and based on these figures, it looks like a very large portion of these could be based in the Greater London area.”
