London house prices: Buyers need an average deposit of £179,248

Chris Papadopoullos
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London home buyers pay far bigger deposits than in the rest of the country (Source: Getty)

The average down-payment for a house in London rose five per cent in October compared with September, according to new figures released by a mortgage broker today.

Prospective London home buyers need to scrape together an average £179,248 for their deposit, the Mortgage Advice Bureau (MAB) said. The second biggest deposits are in the South East at £110,782.

However, deposits are two per cent cheaper today compared with the same month last year. Most London house prices have risen over this period, yet prices at the top of the ladder of cooled off.

The MAB said there had been the highest number of mortgage applications in October since the data started in 2009.

“George Osborne’s Autumn Statement hammered home the government’s support for homeownership, with several policies aiming to improve both the supply and affordability of homes,” said Brian Murphy, head of lending at the MAB.

This is sorely needed in the capital, where house prices remain much higher than in the rest of the country and saving up for a deposit can seem an impossible task.

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