First-time buyers in UK typically need this amount for their deposit

• Across the UK, a typical 10 per cent first-time buyer deposit stands at about £23,000, requiring nearly six years to save based on 10 per cent of average net pay.
• First-time buyers in London face a significant challenge, needing a deposit of around £44,800, which is roughly three times larger than in Scotland or parts of northern England.
• Saving for a 10 per cent deposit in London could take nine years, compared to approximately four years for buyers in the North East, where a typical deposit is £13,100.
• Many first-time buyers boost their savings through methods like Lifetime ISAs or crucial financial assistance from family and friends, with over a third receiving such help in 2024-25.
• While the housing market is expected to strengthen and affordability to improve gradually, mortgage payments remain particularly challenging for those in certain employment sectors, representing around 50 per cent of their take-home pay.

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The amount first-time buyers typically need for a house deposit revealed