Average Hampshire mortgage deposit price almost doubles with a year

FIRST-TIME buyers in the Solent region are having to save twice as much for a mortgage deposit compared to 12 months ago.
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Data analysed by Mojo Mortgages reveals that the average deposit cost in the south east has grown from 17 per cent of the total mortgage cost to 24 per cent.

This means that first-time buyers are having to put down deposits of £50,000, compared to the average of £26,000 in 2021.

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First-time buyers are having to save a lot more to get on the housing market. Picture: ShutterstockFirst-time buyers are having to save a lot more to get on the housing market. Picture: Shutterstock
First-time buyers are having to save a lot more to get on the housing market. Picture: Shutterstock
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CEO and founder of Mojo Morgages, Richard Hayes, said: ‘Inflation is affecting everyone as they have to contend with the cost of living squeeze.

‘With the energy price cap rising and a high cost of food and petrol, it’s no surprise that many first-time buyers will also be concerned about rising house prices, and how they will be able to save enough money to purchase a home.

‘While two people buying together may be able to more easily save the money, someone looking to purchase without external support might find it harder.’

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