Cost of deposit rockets by nearly 60pc

The typical deposit required by a first-time buyer in Yorkshire has rocketed by nearly 60 per cent since the start of the economic downturn while first home prices have risen by just four per cent.

By The Newsroom

Published 17th Oct 2012, 07:00 BST

It takes five years and eight months for the average would-be buyer to save a £15,088 deposit on a £100,588 house in the region, according to Yorkshire Building Society (YBS).

In 2006, the average first home in the region cost £96,667 with a typical deposit of just £9,667. Only a third of aspiring homeowners in Yorkshire can afford to save regularly for a deposit and those who can typically put aside £210 a month, compared to £272 across the UK. Nationally, first-time buyers now pay a typical deposit of £26,250 on a £162,900 property.

YBS group direct mortgage manager Chris Smith said: “Lower than average incomes mean savers in Yorkshire are putting away less each month but compared to the rest of the UK, deposits in Yorkshire are relatively low and property prices are more affordable.”

Yorkshire Chris Smith