First-time buyers pay 17% deposit

The average first-time buyer in the past 12 years has put down 17 per cent of the property value as a deposit, new research shows.

Almost a fifth of first-timers have paid a deposit of between 6 and 10 per cent of the value, while another 12 per cent have produced a down-payment of between 11 and 20 per cent, according to Santander Mortgages.

The average Scot has provided a deposit of 15.6 per cent, with a third using their own savings to fund the down-payment. One in four first-time buyers in the UK relied solely on their own savings to get on the property ladder, taking an average of 29 months to scrape together the required amount.