Average home deposit is ‘more than £30,000 in Milton Keynes’

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Homebuyers in Milton Keynes need to stump up £30,654 to get a roof of their own over their heads.

That’s according to an analysis of the top 30 cities and regions in England and Wales which ranks the new city in eighth place in the list of highest deposits.

London is top deposit capital at £72,760 and Blackburn (with Darwen) the lowest, in 30th place, at £14,470.

Housing investment and shared equity mortgage provider, Castle Trust, has looked at the average deposit needed to put down 20 per cent of the purchase price.

Sean Oldfield, chief executive at the Castle Trust said: “Aspiring homeowners need alternatives to borrowing from family which is why the government has launched a range of initiatives including NewBuy and FirstBuy.

“However, private companies need to play a role as well in offering innovative and affordable ways to help those who want to buy homes and Castle Trust is determined to play its part with housing investment and shared equity products.”

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