To obtain a mortgage, first-time homebuyers in the United Kingdom (UK) need to save a deposit amounting to about 19 percent of the property purchase price. The higher the property value and the loan amount, the higher the deposit. In 2023, the average first-time buyer deposit in the UK was about 53,414 British pounds, but in the most expensive region, Greater London, the deposit amount was more than double. The share of the deposit was also much higher than in other regions in the UK. How has the house price for first-time buyers changed over time? Housing bought by first-time buyers has become increasingly more expensive since 2000, making it harder for renters to get on the property ladder. By 2023, the average house price had tripled. The price also varied in different regions, with the North East being the least expensive and Greater London – the priciest. Which are the most affordable areas for first-time buyers? While housing in certain areas can be pricy, this does not necessarily make it unaffordable, as the standard of living may also be higher. In 2021, the most affordable towns for first-time buyers were found in the North West region (Burnley) and Scotland (East Ayshire, North Ayshire, Inverclyde, West Dunbartonshire).

Despite the Office for National Statistics (ONS) reporting that the actual average deposit required to buy a home was 44 thousand British pounds (GBP), Santander's survey of potential first-time homeowners found the average target deposit was in some cases much lower. Even in London, where the average property price in early 2019 was over 460 thousand British pounds, potential first-time homeowners had a target deposit of around nine percent of the property price (39.5 thousand GBP).

The issue with having a lower deposit for a new home is that it puts buyers into a higher loan-to-value mortgage ratio. Those in the North East looked to achieve the highest deposit to property price ratio at sixteen percent.

As of September 2023, the average home deposit for first-time buyers who had to pay a 10 percent deposit in Auckland, New Zealand was 99 thousand Australian dollars. For buyers who had to pay a 20 percent deposit for a house in Auckland, the average was 198 thousand Australian dollars.

Norway Deposit Rate: Weighted Average: Banks and Mortgage Companies (BM) data was reported at 0.500 % in Jun 2020. This records a decrease from the previous number of 0.600 % for May 2020. Norway Deposit Rate: Weighted Average: Banks and Mortgage Companies (BM) data is updated monthly, averaging 0.830 % from Dec 2013 (Median) to Jun 2020, with 79 observations. The data reached an all-time high of 2.220 % in Apr 2014 and a record low of 0.500 % in Jun 2020. Norway Deposit Rate: Weighted Average: Banks and Mortgage Companies (BM) data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.M001: Deposit Rate.

On average, first-time homebuyers In the United Kingdom (UK) saved up 19 percent of the home price for a down payment in 2023, amounting to close to 53,000 British pounds. In Greater London, which was the priciest region to buy a home, the down payment was higher, at 22 percent.

Homebuyers in the top 10 U.S. states with the highest median down payment for a home purchase had to pay more than double the median for the country in the first quarter of 2024. California, Massachusetts, and Hawaii were the states with the highest down payments in the United States, with median deposits for a home purchase exceeding 74,000 U.S. dollars. Nationwide, the median down payment was approximately 26,700 U.S. dollars. The rapid house price increase since the beginning of the coronavirus pandemic, has led to homebuyers needing to set aside a larger deposit. Additionally, a higher down payment allows borrowers to secure lower monthly payments.

South Korea Loans of CSBs: Household: Mortgage data was reported at 907.700 KRW tn in Feb 2025. This records an increase from the previous number of 904.300 KRW tn for Jan 2025. South Korea Loans of CSBs: Household: Mortgage data is updated monthly, averaging 630.083 KRW tn from Dec 2013 (Median) to Feb 2025, with 135 observations. The data reached an all-time high of 907.700 KRW tn in Feb 2025 and a record low of 370.924 KRW tn in Jan 2014. South Korea Loans of CSBs: Household: Mortgage data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s South Korea – Table KR.KB009: Deposits and Loans: Monthly Financial Market Trend. Monthly Financial Market Trend records data as of 20th of every month i.e. Sept 2014 data is as of 20th Sept 2014. Household Loans including Policy Mortgage Transfers. Including loans assigned to Korea Housing-Finance Corporation. Including housing-related loans, but excluding trust accounts.

Graph and download economic data for Mortgage Debt Service Payments as a Percent of Disposable Personal Income (MDSP) from Q1 1980 to Q3 2024 about disposable, payments, mortgage, debt, personal income, percent, personal, services, income, and USA.

In December 2024, the value of mortgage lending to owner-occupier borrowers (excluding first-home buyers) in New Zealand amounted to around 4.73 billion New Zealand dollars. Residential lending to investors was approximately 1.69 billion New Zealand dollars in comparison. Housing affordability in New Zealand Many people across New Zealand have discarded the homeownership dream due to the country’s unaffordable housing supply. While average residential house prices fell across some of New Zealand’s regions in 2024, first-home buyers are still largely priced out of the market due to high mortgage repayments, interest rates, and average home deposit values. The monthly residential mortgage lending value to first-home buyers in New Zealand in December 2024 came to around 1.6 billion New Zealand dollars, marking a slight rise from the previous month. The highest monthly value of mortgage lending to first-home buyers across the country was recorded in March 2021, during a year when average residential mortgage rates were at their lowest. Where are residential mortgage interest rates heading? According to a survey conducted in May 2023, rising interest rates were the leading property market concern among New Zealanders, with over 54 percent of respondents expressing their concern. New Zealand’s average new residential mortgage interest rates were at their lowest in 2021 but have inflated greatly over the past few years. In June 2021, the average 1-year fixed interest rate for a new standard residential mortgage in New Zealand was at 3.17 percent, with this rate rising to over 7.7 percent by December 2023. Nonetheless, mortgage rates showed signs of leveling out at the end of 2023, and began declining in 2024.

Help to Buy - Wales is a £170 million shared equity loan scheme designed to support home ownership, stimulate building activity and provide a boost to the housing sector and wider economy. Under the scheme, loans are available to buyers wishing to purchase a new-build property worth up to £300,000. Help to Buy Wales support is available to all home buyers (not just first time buyers) who wish to purchase a new home, but may be constrained in doing so – for example, as a result of deposit requirements – but who could otherwise be expected to repay a mortgage. A shared equity loan of up to a maximum of 20% of the property purchase price is available. In addition, buyers are required to provide a 5% and will then need to secure a mortgage to cover the remaining balance. All builders (of all sizes) are able to register with the scheme and sell properties through the initiative. The data shown here are aggregated from the individual transaction records recorded by Help to Buy Wales Ltd, an extract of which is supplied monthly to Welsh Government.

Renting a home The change in rental affordability indicator compares changes in rental prices for new tenancies with the growth in median household disposable (after tax) income. Factors that can affect rental affordability are: Rental prices Household disposable income Saving for a deposit The change in deposit affordability indicator compares changes in house sales prices with the growth in median household disposable (after tax) income. Factors that can affect deposit affordability are: House sales prices Household disposable income Servicing a mortgage The change in mortgage serviceability indicator compares changes in the purchasing power of mortgage interest payments for new home loans with the growth in median household disposable (after tax) income. Factors that can affect mortgage serviceability are: Mortgage interest rates House sales prices Household disposable income. Individual experience of affordability will vary, for example if household income doesn’t change in line with the national median. A list of caveats and descriptions can be found on the CHAI dashboard here: https://www.hud.govt.nz/stats-and-insights/change-in-housing-affordability-indicators/about-the-indicators/

Home buyers in South Africa paid on average 7.8 percent of home price as a deposit when taking out a mortgage loan in the second quarter of 2022. For first-time buyers, this percentage was slightly higher at 8.1 percent.

The benchmark interest rate in Norway was last recorded at 4.50 percent. This dataset provides the latest reported value for - Norway Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

South Korea Average: HPL: Apartment: TA: FA: A Deposit for a Lease data was reported at 37,980.000 KRW th in 2018. This records an increase from the previous number of 35,440.000 KRW th for 2017. South Korea Average: HPL: Apartment: TA: FA: A Deposit for a Lease data is updated yearly, averaging 36,710.000 KRW th from Mar 2017 (Median) to 2018, with 2 observations. The data reached an all-time high of 37,980.000 KRW th in 2018 and a record low of 35,440.000 KRW th in 2017. South Korea Average: HPL: Apartment: TA: FA: A Deposit for a Lease data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H074: 2017 Survey of Household Finances & Living Conditions (SHFLC): Household Assets, Liabilities & Income By The Kind of House.

The benchmark interest rate in Hong Kong was last recorded at 4.75 percent. This dataset provides the latest reported value for - Hong Kong Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Korea Average: AH: RA: A Deposit For A Lease data was reported at 22,220.000 KRW th in 2017. This records a decrease from the previous number of 22,940.000 KRW th for 2016. Korea Average: AH: RA: A Deposit For A Lease data is updated yearly, averaging 22,885.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 25,660.000 KRW th in 2014 and a record low of 17,150.000 KRW th in 2010. Korea Average: AH: RA: A Deposit For A Lease data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H074: Survey of Household Finances & Living Conditions (SHFLC): Household Assets, Liabilities & Income By The Kind of House.

In 2023, Italians paid a lower percentage of their monthly income towards mortgage payment compared to the year before. On average, mortgage installments amounted to 18.1 percent of the monthly household income in 2023, down from 18.6 percent the previous year.

Repeat buyers in the United States have consistently had a larger percentage of the purchase price to put down as a down payment when buying a home compared with first-time buyers. In 2023, repeat buyers had 19 percent of the purchase price on hand, whereas first-time buyers only had eight percent of theirs.

For the past decade, buying a home in the UK has been more affordable than renting one, when only considering the monthly costs. The renting versus buying gap fluctuated during the period and in 2016, it reached its highest value of 131 British pounds. In 2023, the monthly costs for a first-time buyer were 1,231 British pounds, compared to 1,258 British pounds for renters. Rental growth vs house price growth Housing costs in the UK have been on an uprise, with both renting and buying a home increasingly unreachable. Though the monthly costs of buying have consistently been lower in the past decade, house price growth has been much stronger than rental growth since the beginning of the pandemic. Additionally, buyers have been affected by the aggressive mortgage rate hikes, making acquiring their first home even less affordable. Barriers to homeownership Buying a home is not straightforward. For younger (18-40) potential first-time buyers, there are a number of barriers. Approximately one in three first-time buyers point out that raising a deposit was the main obstacle. Other reasons stopping buyers were not being able to take out a mortgage on their current income and poor credit ratings. Unsurprisingly, the highest share of people who buy a home with a mortgage was in the age group of 45 to 55-year-olds.

Korea Average: AH: Detached House: A Deposit For A Lease data was reported at 13,140.000 KRW th in 2017. This records an increase from the previous number of 12,960.000 KRW th for 2016. Korea Average: AH: Detached House: A Deposit For A Lease data is updated yearly, averaging 10,915.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 13,140.000 KRW th in 2017 and a record low of 9,890.000 KRW th in 2011. Korea Average: AH: Detached House: A Deposit For A Lease data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H074: Survey of Household Finances & Living Conditions (SHFLC): Household Assets, Liabilities & Income By The Kind of House.