With an average deposit for first-time buyers that has changed a lot over the past 20 years, there's no question that it can feel like an impossible challenge for many. But, before you can start flaunting your new home, you have to be determined enough to save for a deposit, and that alone can be a challenge on its own.
However, there is an amount you can reach for if a simple goal is all you need to concentrate on the end product. According to Sellhousefast.uk has carried out some analysis into national trends and discovered that it would have been appropriate for a typical first-time buyer to save £25,867 in 2017 to secure a home.
They also noticed that the amount would have been considerably smaller in 1997, with an average deposit of only £ 2,200 in the UK. And it was £1,094 twenty years before that, in 1977.
So, the total amount a person or couple would need to save for a first-time deposit changed by £ 1,006 in the years between 1977-1997. From the nineties to today fast forward, and there's a £23,667 gap.
The study noticed that London is the most expensive location for a first-time buyer, the cheapest being the north-east.