More than six out of ten first-time purchasers in the UK shared the cost of the average home, which increased 13% to £302,010 last year.
According to a new Halifax analysis, the number of first-time buyers decreased by 11% to 362,461 in 2022 from the year before.
With average prices hovering around £171,425, Northern Ireland has continued to be the cheapest location to buy a home since 2017. The North East region was next, with houses costing on average £175,091.
Unsurprisingly, London, where the typical house cost £518,900, was on the higher end of the scale. The average down payment for a home in the capital was £125,378; this amount would almost have been sufficient to purchase a home elsewhere in the UK.
Scotland saw the biggest increase in the amount needed for a deposit, going…