First time buyers in the borough will need a deposit of £47,450 based on the average house price
The average first time buyer in Richmond will have to save for more than 17 years for a typical 10 per cent deposit on a home, new research has revealed.
The House of Commons Library analysis, commissioned by MP Tessa Jowell, showed Richmond’s median gross annual earnings in 2013 was £39,000, while the average house price in the borough is £474,500.
To save a 10 per cent deposit of £47,450, an individual on the average salary would need to save for 17.4 years, about twice as long a first time buyer in Barking and Dagenham.
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