FTBs Spend Over £30k On House Deposits LF Windows Blog Vince News bi fold doors wiltshire Jul 29 2016 First-time buyers (FTBs) are likely to have to save for a long time to build up their deposit when buying a property, after Halifax has revealed they typically put down £33,960 on their first home. Of course, this does not include the amount of money they also need to renovate or redecorate their new abode, including installing bi-fold doors in Wiltshire, re-plastering or fitting a new kitchen. According to the latest figures for May 2016, the average deposit is more than double what was needed to buy a house in 200, at £16,400. Indeed, there has been a 14 per cent growth just in the last 12 months, which may encourage FTBs to put down an offer on a property as soon as possible to avoid having to spend any more money to secure their dream first home. Chris Gowland, mortgages director at Halifax, said: “Many potential first-time buyers are facing escalating house prices and deposit sizes, [but] record low mortgage rates continue to make buying seem a more attractive option than renting.” While nearly £34,000 may seem like a huge expenditure to most people, this is nothing in comparison to the amount needed to secure a property in the capital. FTBs in Greater London typically have to raise £95,693 to buy a home, with the average cost of a property for this group coming in at £384,617. In comparison, the typical price for a FTB property for the whole of the UK is £199,414. It is hardly surprising then that those already on the property ladder prefer to renovate their houses instead of moving. Clydesdale and Yorkshire Banks recently revealed one in five homeowners intend to improve their property by adding conservatories, building an extension or installing new windows this year.