The downside to buoyant market conditions sparked by the stamp duty holiday, as the cost of the average mortgage deposit has climbed by £11,000 in some areas of the UK. The cost of buying a home based on the average mortgage deposit at 15% of property value and what this looks like in the current market compared to June of last year when the stamp duty holiday first launched.
At £234,474, the current UK average house price requires £38,461 for a 15% mortgage deposit. This is £3,249 more than the average 15% deposit of £25,212 prior to the launch of the stamp duty holiday - a 9% jump. The South West is the region to have seen the largest monetary jump in the average cost of a deposit, up £4,196 since the start of the stamp duty holiday.