Average Deposit Reaches £66k

New research by First Direct has found that the average deposit is now £66,000 while the average household income has only risen 2.3 times.

In 1990 the average deposit was only £6,600 which means people who are able to get a mortgage are having to save for longer or borrow more money.

Bruno Genovese, Senior Savings Product Manager from first direct said, “Much has been made of rising house prices, but the average deposit needed in the first place has actually risen more than twice as fast as house prices and almost four times as fast as income,”

 

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