Skip to main content Skip to footer

Downpayment to buy house

What is considered a good down payment amount in the UK housing market? For instance, 10-15% of the sale price of the property would be considered good here in the US. Thank you ;0) *Apologies - postcode is borrowed from family as the field does not accept mine.

Asked on Jun 7 2013, House Prices in Burntisland | Report content

Answers (1)

Was this question useful? Yes 0 No 0
  • Hi Snoozehamilton, Earlier this year the Castle Trust released some new research which showed that homebuyers in England and Wales need to find a deposit of almost £26,500. This was based on analysis of the 30 biggest cities and regions in England and Wales, with the above sum being 20 per cent of the purchase price. Furthermore, the Council of Mortgage Lenders also says that the average transaction includes a deposit of 20 per cent, which should open you up to some good mortgage deals. The Castle Trust deposit research varied depending on the area, with Blackburn, in the north west of England, averaging a downpayment of £14,470. London, unsurprisingly requires a much bigger average deposit of £72,760 given the capital's higher prices. There are also a number of schemes in the UK, such as 'Help to Buy', which could help you invest through the financial help of the government and homebuilders. Thanks Scott

    Answered on Jun 13 2013, Report content

Didn't find what you were looking for? Ask a question

More House Prices in Burntisland questions on AskMe

See more AskMe Q&A about House Prices