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Typical London buyer's deposit over two and a half times rest of UK

Typical London buyer's deposit over two and a half times rest of UK

The average deposit paid for a Greater London property is over two and a half times larger than a home outside the capital.

This is despite deposit sizes as a proportion of purchase prices falling nationally from 27.58 per cent to 25.77 per cent according to research by conveyancing service My Home Move

Large rises in house prices across the UK and in particular Greater London have resulted in buyers having to pay with a typical deposit of £127,000 in the capital. That is nearly £30,000 than in 2013.

The firm analysed over 60,000 purchase records to determine the average deposit size paid by home buyers between 2013 and 2015, comparing them to average property prices as reported by the Land Registry during the same period.

A company spokesman says the deposit size now required in London is “unsustainable.”

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