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.
Average target deposit to average property price in the United Kingdom (UK) in 2019, by region
(in 1,000s)
Characteristic
Average property price
Average target deposit
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Exclusive Premium Statistic
To access all Premium Statistics, you need a paid Statista Account
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Banco Santander. (July 31, 2019). Average target deposit to average property price in the United Kingdom (UK) in 2019, by region (in 1,000s) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1033503/average-target-deposit-compared-to-average-property-price-united-kingdom/
Banco Santander. "Average target deposit to average property price in the United Kingdom (UK) in 2019, by region (in 1,000s)." Chart. July 31, 2019. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1033503/average-target-deposit-compared-to-average-property-price-united-kingdom/
Banco Santander. (2019). Average target deposit to average property price in the United Kingdom (UK) in 2019, by region (in 1,000s). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1033503/average-target-deposit-compared-to-average-property-price-united-kingdom/
Banco Santander. "Average Target Deposit to Average Property Price in The United Kingdom (Uk) in 2019, by Region (in 1,000s)." Statista, Statista Inc., 31 Jul 2019, https://www.statista.com/statistics/1033503/average-target-deposit-compared-to-average-property-price-united-kingdom/
Banco Santander, Average target deposit to average property price in the United Kingdom (UK) in 2019, by region (in 1,000s) Statista, https://www.statista.com/statistics/1033503/average-target-deposit-compared-to-average-property-price-united-kingdom/ (last visited August 25, 2024)
Average target deposit to average property price in the United Kingdom (UK) in 2019, by region (in 1,000s) [Graph], Banco Santander, July 31, 2019. [Online]. Available: https://www.statista.com/statistics/1033503/average-target-deposit-compared-to-average-property-price-united-kingdom/