FIRST-TIME buyers need an £53,000 deposit and £63,000 salary to get on the property ladder in 2025, according to new data.
The exclusive data from Zoopla shows the average deposit and salary for anyone looking to get on the ladder based on their postcode.
The figures are based on an average house price of £267,700 and a first-time buyer having a 20 per cent deposit.
The data uses Zoopla’s house price index, which tracks achieved sales prices, and UK Finance’s average income multiple of 3.4 – which is the amount a buyer can borrow as a multiple of their annual salary.
The latest Zoopla index is from December last year, and covers the whole of the UK.
The eye-watering sums of money required by first-time buyers are an increase on those produced five years ago in December 2019.
Back then, the average house price stood at £220,300, with a 20 per cent deposit equating to just above £44,000.
At that time, it meant a first-time buyer would also need an average salary of at least £51,800.
It may have then seemed that affordability was already stretched to breaking point, but the figures continued to increase – by around £10,000 in five years for both the average deposit and salary requirements.
Use our map to check what the average deposit is based on your postcode
This is based on the average house price for your area
[iframe src=”https%3A%2F%2Fdatawrapper.dwcdn.net%2FCcev0%2F1%2F” height=”800″ mobile_height=”800″ /]The property website also revealed the ten postcode areas with the highest average deposit required by first-time buyers to get onto the property ladder.
[bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”The Sun’s James Flanders explains how to find the best deal on your mortgage ” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6346355716112″ video_ids=”” width=”640px”]It is perhaps unsurprising that the majority in the top 10 are in London where house prices tend to be higher.
The postcode area “WC” leads the way with an average house price of £844,700.
The two letters stand for Western Central and include the London districts of Covent Garden, Holborn, Bloomsbury and St Pancras.
It means a 20 per cent deposit in this postcode would equate to £168,940.
[authenticated-scripts src=”%3Cscript%20class%3D%22palin-poll%22%20src%3D%22https%3A%2F%2Fwww.thesun.co.uk%2Fpollingwidgets%2Fv3%2Fwidget.js%3Fquestion_id%3D104896%26game%3Dpolling%22%3E%3C%2Fscript%3E” type=”embedded” width=”100″ /]Also in the top ten is the postcode area “KT” – which stands for Kingston-Upon-Thames – where the average house price is £588,900, and a 20 per cent deposit is £117,780.
West London and St Alban are also included in the top ten, with average house prices of £775,900 and £519,500, and 20 per cent deposits equating to £155,180 and £103,900 respectively.
Ranked in tenth position is the postcode of Bromley, where the average house price is £514,100, and a 20 per cent deposit would be £102,820.
Unlock even more award-winning articles as The Sun launches brand new membership programme – Sun Club.