11 Mar 2026
House Deposits More Than Median Annual Salary in South East England
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
According to Forbes, the median annual salary for a full-time employee aged 22 to 29 is £33,696 (Oct, 2025). The average cost of a terraced property in South East England is £405,367 according to Rightmove (2025).
Based on the above calculations, the buyer would be short on their deposit by £6,841 if they wanted to put down 10% on a £405,367 property.
The concerns around affordability aren’t limited to South East England, as other regions are also finding that their annual income won’t cover 10% deposit on a terraced property, including the East of England and London.
The difference ten years ago
It’s a stark difference from ten years ago, when the average property prices were around £193,900 (Nationwide Building Society), and the median annual salary in 2015 was £27,600 (ONS).
Do you need 10% deposit?
Having 10% deposit to put towards a property isn’t always required. Some banks and building societies will offer 95-99% loan-to-value (LTV) mortgages, meaning you will have to save a much smaller deposit. Some lenders will even allow you to borrow the full amount for the property, meaning you require zero deposit (must meet criteria).
There are, however, benefits to having 10% available; these include more options for better interest rates, resulting in lower monthly payments.
If you are looking to buy a property and are unsure about how much you need to save for a deposit, get in touch with the Mortgage Required team, who can help you to choose a product suited to you.
Recent posts
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Signs it's time to remortgage
2 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
Most Affordable UK Spots for First-Time Buyers
19 May 2026
Research from Lloyds identifies the most affordable areas in the UK for first-time buyers to be able to get onto the property ladder.
On Wednesday, 13th May, King Charles delivered his speech at the House of Lords, outlining the government’s plans for the upcoming year.
Here is a summary of the housing and energy/environment points.
From 18th May 2026, Halifax (part of Lloyds Banking Group) is launching a ‘£5k Deposit mortgage’ to help first-time buyers get onto the property ladder sooner.
More information
Trusted by
