Recent Council of Mortgage Lenders data indicates that the average deposit used by first-time buyers to secure a mortgage stood at a three-and-a-half year high in April. The level of deposit has climbed steadily this year.
The CML said that April saw an average of 13% of property value during April, up from 11 per cent during March. April saw the level of first-time buyers in the mortgage market increase slightly, but the figure remains 36% down on last year.
Tightened lending criteria renders it impossible for many first-time buyers to get on the property ladder. Banks, building societies and specialist mortgage lenders have increased rates and adjusted loan criteria.
100 per cent mortgage loans have now been almost entirely removed from the mortgage market, meaning first-time buyers have to save a deposit.
High first-time buyer deposits for new mortgages
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