First-time home buyers in Brighton need shocking £52k for deposit
First-time home buyers in Brighton need a shocking £52,806 on average to get a deposit, new research has found.
Data research from St. Modwen Homes has revealed that buyers in the South of England need to save on average between £30,000 and £70,000 for a deposit.
Discussing Brighton the housebuilder said: "Next on the list is the lively English coastal city, Brighton. Known for its vibrant arts, diverse population and beautiful seafront, there’s no doubt that Brighton would provide a great lifestyle for a range of buyers.
"But with the average house deposit being £52,806, it may not be the easiest place to step onto the ladder."
Properties in Brighton sold for average price of £524,373 in the last year (Image: PA)
Deposits usually equate to around 10-15% of the asking price of a house.
How does Brighton compare to other Southern England locations?
The research from St. Modwen Homes unsurprisingly found the most expensive location in the South of England for an average deposit was London, which came to £70,341.
Oxford was also higher than Brighton, at an average of £58,911 but many other significant locations in that region of England were a bit lower.
For example, Bristol had an average deposit of £39,743, whilst Truro's was £34,841 and Southampton's was £30,306.
According to Rightmove, properties in Brighton had an overall average price of £524,373 over the last year.
Terraced properties in the city sold for an average of £645,122, with semi-detached properties fetching £593,673.
Semi-detached houses in Brighton sold for an average of just under £600,000 in the last year (Image: PA)
Jo Winston, Sales and Marketing Director at St. Modwen Homes said: “We’ve heard from hundreds of people who are desperate to buy their first home but feel trapped by the system.
“The cost of living crisis is squeezing people’s finances, meaning there’s barely any money left to go towards savings. And those who are able to put some money away each month are getting very little return on investment because of low savings rates.
"All of this makes saving for a large deposit near impossible for many prospective homeowners.
“Our 5% Deposit Contribution has been specifically designed to make buying a new house more affordable, easier and quicker for first-time buyers.
"By matching the buyer’s 5% deposit, the scheme will enable homeowners to put down a 10% deposit in total, giving them access to a larger pool of mortgage lenders and a wider choice of deals.”
