You need £17,000 for a first home

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1. 2h ago

   UK first-time homebuyers need £17,000 deposit

   First-time homebuyers in the UK need around £17,000 for a deposit on a home. The amount is based on a 5% deposit on the average UK house price of £272,000, plus moving costs and legal fees. Experts suggest various ways to save for a deposit, including setting aside a regular amount into a savings account. The Lifetime ISA, which helped 413,000 people buy homes, is being scrapped.

   Why it matters

   The UK housing market has become increasingly challenging for first-time buyers, with high house prices and large deposit requirements. The government's 'Your First Home' scheme aims to help first-time buyers get on the housing ladder with a small deposit. The scheme's impact and the scrapping of the Lifetime ISA have raised concerns about the accessibility of homeownership for young people.

   What is confirmed

   • A 5% deposit on the average UK house price of £272,000 is around £16,850, according to Moneyfacts.
   • The Lifetime ISA helped 413,000 people buy homes.
   • Experts suggest depositing a regular amount into a savings account as a way to start saving for a deposit.

   Still unconfirmed

   • A proposed First Time Buyer ISA is being considered as an alternative to the Lifetime ISA.

   What to watch next

   • The implementation of the 'Your First Home' scheme and its impact on first-time buyers.
   • The government's decision on the proposed First Time Buyer ISA.
   Sources used for this update (17)

   1. BBC — You need £17,000 for a first home - here's how to do it
   2. vwv.co.uk — What is happening to the Lifetime ISA and what is the proposed First Time Buyer ISA?
   3. The i Paper — The Lifetime ISA helped 413,000 people buy homes. Is scrapping it an overreaction?
   4. moneyfactscompare.co.uk — Saving for a house deposit? Reach your goal faster this UK Savings Week
   5. The Sun — The eight easy expert tricks to help you buy your first home quicker - from 50% discounts to NO deposit deals
   6. Yahoo Style UK — First-time buyers could get £1,000 a year towards a house deposit
   7. www.bbc.com — You need £17,000 for a first home - here's how to save it - BBC
   8. sharewatch.com — You need £17,000 for a first home – here’s how to save it
   9. www.europesays.com — You need £17,000 for a first home – here's how to do it – BBC
   10. practicewithnews.com — Saving £17,000 for a First Home: Four Ways to Do It
   11. www.dailymail.com — Algerian teenager who tried to rob Bridgerton star and threatened to decapitate Aled Jones is jailed for two years over machete Rolex robberies
   12. www.placeyorkshire.co.uk — UKREiiF confirms Leeds exit
   confidence 80%