First-time buyers: Average deposit to average property price in the UK 2019

Despite the Office for National Statistics (ONS) reporting that the actual average deposit required to buy a home was 44 thousand British pounds (GBP), Santander's survey of potential first-time homeowners found the average target deposit was in some cases much lower. Even in London, where the average property price in early 2019 was over 460 thousand British pounds, potential first-time homeowners had a target deposit of around nine percent of the property price (39.5 thousand GBP).

The issue with having a lower deposit for a new home is that it puts buyers into a higher loan-to-value mortgage ratio. Those in the North East looked to achieve the highest deposit to property price ratio at sixteen percent.